Gold futures closed lower in the domestic market on Wednesday as investors and speculators await the US Fed's latest decision on interest rates
hike at the next week's FOMC meeting. The Fed should avoid removing support for the US economy too quickly, Board Governor Lael Brainard had said on Monday in comments that solidified the view the central bank would leave rates unchanged next week. The comments came after Boston Fed President Eric Rosengren said on Friday that low interest rates are increasing the chance of overheating the U.S. economy. At the MCX, gold futures for October 2016 contract ended at Rs 31,015 per 10 grams, down by 0.21 per cent, after opening at Rs 31,030, against a previous close of Rs 31,081. It touched the intra-day low of Rs 31,003.
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