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Gold Futures Lower On Fed Comments
Gold Futures were seen trading lower despite weak US GDP and a soft dollar as the US Federal Reserve said that the economy was expected to pickup which fueled speculation that interest rates may rise this year.
Gold futures for the latest delivery at the Multi Commodity Exchange was seen trading at Rs 27,154 per 10 grams, lower by Rs 84 or 0.31 Per cent at 1.00 PM IST.
The downtrend was seen due to weak global cues and profit booking by speculators.
International gold market was seen trading flat after the gold hit three week high. Marketsmen feel the hike in interest rates will dent the gold appeal.
Any news from Euro zone would impact on the gold sentiment, any negative news would push gold, as it is considered as Safe haven during the time of uncertainity.
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