New Delhi, May 21 -- Gold prices inched lower on the MCX on Thursday (21 May) morning amid weak global cues and speculations that the US Federal Reserve may tighten monetary policy in the near future due to increased inflationary risks.

MCX gold June futures traded 0.18% lower at Rs.1,59,719 per 10 grams around 9:10 am.

The minutes of the Fed's April meeting showed that most policymakers believed monetary tightening would be required in the near future if inflation remained above the Fed's 2% target for a prolonged period.

The US Federal Reserve on 29 April kept the federal funds rate unchanged for the third consecutive meeting at 3.5%-3.75% amid increased risk of inflation rising due to higher global energy prices.

According to Reute...