Gold futures closed lower in the domestic
market on Wednesday after minutes from the Federal Open Market
Committee’s July meeting showed that central bank officials were split
over the pace of future rate increases.
Higher interest rates can weigh on precious metals, which don’t offer a
yield, making them less attractive to investors searching for
richer-yielding securities.
At the MCX, Gold futures for October 2016 contract closed at Rs 31,375,
per 10 gram, down by 0.29 per cent after opening at Rs 31,360, against
the previous closing price of Rs 31,467. It touched the intra-day low of
Rs 31,300.
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