Yellow metal loses sheen

by - 4:09 pm

Gold futures fell during afternoon trade in the domestic market on Thursday as investors and speculators indulged in profit-booking at prevailing levels even as the metal strengthened overseas. Besides, strengthening expectations that the US Federal Reserve likely to hike interest rates in its policy meeting next week, continue to weigh on gold, as rising US rates raise the opportunity cost of holding non-yielding bullion.

However, a softer greenback ahead of the ECB meet, restricted downfall in glod prices. At the MCX, gold futures for February 2017 contract is trading at Rs 27,878 per 10 grams, down by 0.12 per cent, after opening at Rs 27,911, against a previous close of Rs 27,911. It touched the intra-day low of Rs 27,840.

 

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