Gold futures were trading lower during the afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the precious metal on US dollar strengthening amid rising expectations that the US Fed may hike interest rates in the world’s biggest economy.
Safe haven assets become less attractive for investors amid renewed bets on US Fed interest hike, thus diminishing demand for gold.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,175 per 10 grams, down by 0.13 per cent, after opening at Rs 31,150, against a previous close of Rs 31,217. It touched the intra-day low of Rs 31,120.
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