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 ahead of the outcome of the RBI’s bi-monthly policy meet due later in the day.
Despite lower inflation and subdued global commodity prices, market experts expected that the rate cut is unlikely, however, said that the commentary would be important to watch out for. Besides, investors remained cautious ahead of the UK elections, the European Central Bank (ECB) meeting and former FBI director James Comey’s Senate testimony.
At the MCX, gold futures for August 2017 contract is trading at Rs 29523 per 10 grams, down by 0.15 per cent, after opening at Rs 29524, against a previous close of Rs 29567. It touched the intra-day low of Rs 29470 (at 14:01 hours).
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