Gold dips on expected US rate hike 26/05/2017

Gold dips on expected US rate hike
26/05/2017

Gold futures closed lower in the domestic market on Thursday pressured by rising U.S. interest-rate hike expectations. Prices eased back after minutes from the Federal Reserve’s May policy meeting appeared to show that the majority of the central bank’s officials remain resolute about hiking rates at their meeting in June, which is widely expected.
At the MCX, gold futures for June 2017 contract ended at Rs 28644 per 10 grams, down by 0.24 per cent, after opening at Rs 28,750 against a previous close of Rs 28,713. It touched the intra-day low of Rs 28,630.

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