Gold On MCX Settled Up 0.24% At 31183 As The U.S. Dollar Backed Off

Gold on MCX settled up 0.24% at 31183 as the U.S. dollar backed off its highs while investors interpreted minutes from the U.S. Federal Reserve's latest policy meeting as dovish. 

The Federal Reserve continues to project two more rate hikes are on the way this year with three more on the way for 2019, according to the minutes of their most recent meeting. 

There was no interest rate hike at the May meeting, but policy makers debated the threat of inflation and acknowledged trade-related uncertainties.

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