News

Gold futures finish lower on Friday

Gold futures finished lower on Friday, pressured by strength in the dollar making it expensive for other currency holders and aggressive interest rate hikes by the U.S. Federal Reserve. Meanwhile, India, the world’s second biggest consumer of precious metal, raised its basic import duty on gold to 12.5% from 7.5% in an attempt to bring down the trade deficit. However, increasing worries over global economic health limited losses.

Gold futures for August slipped by $5.8 or 0.3% to settle at $1801.5 ounce on the Comex division of the New York Mercantile. While, spot gold fell 0.1% to $ $1,804.81 per ounce.