Gold futures ended lower in the domestic market on Wednesday as a private-sector hiring snapshot boosted expectations for an interest-rate hike from the Federal Reserve.
The dollar rose and precious metals fell Tuesday and early Wednesday after Federal Reserve Vice Chairman Stanley Fischer reiterated that the central bank could raise interest rates more than once in the coming months, provided U.S. economic data remains solid.
At the MCX, Gold futures for October 2016 contract ended at Rs 30,714, per 10 gram, down by 0.35 % after opening at Rs 30,840, against the previous closing price of Rs 31,821. It touched the intra-day low of Rs 30,670.
Silver futures ended bigger in the domestic market on Wednesday as speculators widened their bets amid a strong trend overseas. Market analysts said speculative position built up by participants, driven by firm global trend, mainly attributed to the rise in silver prices at futures trade.
At the MCX, Silver futures for September 2016 contract ended at Rs 44,016, per 1 kg, up by 0.08 % after opening at Rs 44,258, against the previous closing price of Rs 43,980. It touched the intra-day maximum of Rs 44,415.