Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on muted safe-haven demand on hopes of a US Fed interest rate hike in March and ahead of the key economic data due later in the week. The US monthly jobs report due to be released on Friday.
Investors are expecting that the US Federal Reserve will raise interest rates at its upcoming policy meeting on March 14-15. At the MCX, gold futures for April 2017 contract is trading at Rs 28716 per 10 grams, down by 0.12 per cent, after opening at Rs 28774, against a previous close of Rs 28751. It touched the intra-day low of Rs 28710 (at 12:57 hours).
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