Gold futures were nearly flat during afternoon trade in the domestic market on Thursday as investors and speculators remained on the sidelines in the precious metal as the Fed minutes released on Wednesday showed that the US policymakers was split on how inflation might affect the future pace of key interest rate increases.
The details of the June 13-14 meeting, at which the Fed voted to raise interest rates, showed several officials wanted to announce a start to the process of reducing the Fed’s large portfolio of Treasury bonds and mortgage-backed securities by the end of August but others wanted to wait until later in the year. At the MCX, gold futures for August 2017 contract is trading at Rs 28105 per 10 grams, down by 0.01 per cent, after opening at Rs 28170, against a previous close of Rs 28107. It touched the intra-day low of Rs 28100 (at 13:54 hours).
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