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Gold Market Update for 01 Sep, 2016

Gold futures closed lower in the local market on Wednesday as a private-sector hiring snapshot boosted expectations for an interest-rate hike from the Fed Reserve. The dollar rose and precious metals fell Tuesday and early Wednesday after Fed Reserve Vice Chairman Stanley Fischer reiterated that the central bank could raise interest rates more than once in the coming months, provided United State economic data remains solid.  At the MCX, Gold futures for October 2016 contract closed at Rs 30,714, per 10 gram, down by 0.35 per cent 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.