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 diminishing safe-haven demand as risk appetite return back to the markets and the greenback remained firm ahead of the outcome of the US Federal Reserve’s two-day policy meeting later in the day. Market participants are expecting that the US Fed likely to stand pat on key interest rates, but may drop hints on the possibility of a rate hike in near term.
At the MCX, gold futures for June 2017 contract is trading at Rs 28536 per 10 grams, down by 0.16 per cent, after opening at Rs 28572, against a previous close of Rs 28582. It touched the intra-day low of Rs 28526 (at 14:09 hours).
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