Yellow Metal Dips On Fed Rate Hike Concerns

Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators remained on the sidelines in the precious metal as safe-haven demand faded amid expectations that US Fed likely to go for rate hike next month after US economic data.
Further, the US consumer spending recorded its biggest increase in 4 months in April and monthly inflation rebounded, pointing to improving domestic demand that could allow the Fed to raise interest rates in June. Besides, market participants awaited the US employment and non-farm payroll data due on Friday.
At the MCX, gold futures for June 2017 contract is trading at Rs 28,669 per 10 grams, down by 0.25 per cent, after opening at Rs 28,705, against a previous close of Rs 28,741. It touched the intra-day low of Rs 28,643 (at 14:26 hours).
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