Gold Down After US Dollar Gains

Gold futures closed lower in the domestic market on Wednesday pressured by modest gains in the dollar, but prices headed higher in electronic trade after the Federal Reserve released minutes from its September meeting.

The minutes, which were released after gold futures settled for the session, showed that officials from the central bank held off raising interest rates in September even though they said there was a reasonable argument for an increase.

At the MCX, gold futures for December 2016 contract ended at Rs 29661 per 10 grams, down by 0.20 per cent, after opening at Rs 29,692, against a previous close of Rs 29,719. It touched the intra-day low of Rs 29,590.

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Suhani Verma

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