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Gold futures closed higher in the domestic market on Wednesday after data showing that U.S. inflation topped 2% in 2016 and recent comments from President-elect Donald Trump suggested that he favors a weaker greenback for exporters.
Market participants said trading has been subdued with investors awaiting Trump’s presidential inauguration ceremony set for Friday.
At the MCX, gold futures for February 2017 contract ended at Rs 28800 per 10 grams, up by 0.22 per cent, after opening at Rs 28,738 against a previous close of Rs 28,738. It touched the intra-day high of Rs 28,825.