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Gold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand due to an uptick in the US dollar ahead of a two-day US Federal Reserve meeting where the central bank is widely expected to raise interest rates.
The chances of raising interest rate by the US Fed are higher when the meeting concludes on Wednesday led by signs of an uptick in inflation and continued strength in the US jobs market.
At the MCX, gold futures for April 2017 contract is trading at Rs 27957 per 10 grams, down by 0.42 per cent, after opening at Rs 28054, against a previous close of Rs 28076. It touched the intra-day low of Rs 27907.