Gold On MCX Settled Down -0.54% At 30616 As Investors Sold Holdings

Gold on MCX settled down -0.54% at 30616 as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States. 

The Philadelphia Federal Reserve’s gauge of U.S. Mid-Atlantic business activity fell to a near 1-1/2-year low, spurring profit-taking on the greenback. 

The dollar softened slightly after a report showing that manufacturing activity in the Philadelphia region slowed in June after a spike higher in the previous month.

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