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02-May2018

Gold futures settle lower ahead Fed meeting

Gold futures settled lower on Tuesday, as the dollar strengthened ahead of a US Federal Reserve policy meeting which is being watched on the future pace of interest rate hikes. Rising interest rates typically weigh on gold, as they increase the opportunity cost of holding non-yielding assets such as bullion.

Gold futures for June delivery settled down $12.40, or 0.9 percent, at $1,306.80 per ounce, on the Comex division of the New York Mercantile. While, spot gold was down by 0.7 percent at $1,305.72 per ounce.


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