Gold Down on Strengthening US Dollar

Posted By: Religare
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    Gold futures closed lower in the international market on Wednesday as a leading dollar index strengthened, adding to its gain for the week and dulling investment demand for the precious metal.

    The market's Federal Reserve wait-and-see game continues with speakers shifting into a blackout commentary period ahead of a policy meeting next week.

    The Fed raised interest rates twice this year in response to steady growth and falling unemployment, but persistently soft inflation data have tempered market expectations for another hike before the year. Higher rates also boost the dollar, in which gold is priced.

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