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Gold futures fell during afternoon trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal despite weakness in the US dollar, as safe-haven demand faded after remarks from a Fed official favoring a faster pace of rate hikes.
The dollar weakned amid concerns about the impact of US President Donald Trump's protectionist trade stance. Trump decided to withdraw from an Asia-Pacific accord. Also, he plans to renegotiate NAFTA and introduce tough border tax. As he goes about dismantling trade agreements.
At the MCX, gold futures for February 2017 contract is trading at Rs 28722 per 10 grams, down by 0.28 per cent, after opening at Rs 28801, against a previous close of Rs 28803. It touched the intra-day low of Rs 28711 (at 13:49 hours).
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The dollar weakned amid concerns about the impact of US President Donald Trump's protectionist trade stance. Trump decided to withdraw from an Asia-Pacific accord. Also, he plans to renegotiate NAFTA and introduce tough border tax. As he goes about dismantling trade agreements.
At the MCX, gold futures for February 2017 contract is trading at Rs 28722 per 10 grams, down by 0.28 per cent, after opening at Rs 28801, against a previous close of Rs 28803. It touched the intra-day low of Rs 28711 (at 13:49 hours).
