The decision to taper was coupled with a stronger commitment to maintain interest rates at very low levels even after the targeted unemployment rate is reached, to push the economy forward. A stronger dollar also dimmed the appeal of the precious metal as an alternative asset.
Gold futures for February 2014 contract, at MCX, were trading at Rs. 28,720 per 10 grams, down by 0.51 per cent after opening at Rs. 28,767, against the previous closing price of Rs 28,868. It touched an intra-day low of Rs 28,687. (At 11:16 AM).
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