Gold dips on strong US dollar 10/05/2017

Gold dips on strong US dollar
10/05/2017

Gold futures closed lower in the domestic market on Tuesday as strength in the dollar and growing expectations for a U.S. interest-rate hike next month dulled demand for the metal.
According to data, investors have been increasingly pricing in a U.S. rate increase next month, with fed-funds futures recently showing that markets are pricing in an 88 per cent chance of a rate increase at the Fed’s mid-June meeting. Higher rates can make precious metals, which don’t offer a yield, less appealing.
At the MCX, gold futures for June 2017 contract ended at Rs 27976 per 10 grams, down by 0.41 per cent, after opening at Rs 28,141 against a previous close of Rs 28,091. It touched the intra-day low of Rs 27,951.
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