Gold down as Fed lifts key interest rates
14/06/2018 07:34
Gold futures closed lower in the domestic market on Wednesday as a benchmark U.S. dollar index headed higher in the wake of the U.S. Federal Reserve’s decision to lift a key interest rate.

The Fed on Wednesday voted to raise its benchmark federal-funds rate by a quarter-percentage point to a range of 1.75 per cent and 2 per cent. The central bank also said it expects to raise rates four times this year, up from a forecast of three in March.

At the MCX, gold futures for August 2018 contract ended at Rs 31130 per 10 grams, down by 0.08 per cent, after opening at Rs 31,141 against a previous close of Rs 31,156. It touched the intra-day low of Rs 31,107.