Gold Dips on US Rate Hike Expectation

By Religare
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    Gold futures closed lower in the domestic market on Friday as traders weighed the likelihood of success for Republican tax-cut proposals as well as expectations for another rate increase by the Federal Reserve before year-end.

    Gold Dips on US Rate Hike Expectation

    A more hawkish shift in Fed policy expectations, good economic data, and optimism about tax reform are supporting the reflation argument, which is bad for gold prices in the months ahead.

    At the MCX, gold futures for October 2017 contract ended at Rs 29565 per 10 grams, down by 0.15 per cent, after opening at Rs 29,604 against a previous close of Rs 29,608. It touched the intra-day low of Rs 29,526.

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