Gold futures closed higher in the domestic market on Monday amid fading expectations of a US Fed's rate hike in the next couple of months and as investors digested the political and economic aftermath of Brexit.
Further, market players ruled out further rate hikes by the Fed this year in the aftermath of Brexit. In fact, futures markets are now reflecting a chance that the Fed could actually cut interest rates before the end of the year.
At the MCX, Gold futures for August 2016 contract closed at Rs 31,746, per 10 grams, up by 0.90 per cent after opening at Rs 31,600, against the previous closing price of Rs 31,463. It touched the intra-day high of Rs 31,850.
Further, market players ruled out further rate hikes by the Fed this year in the aftermath of Brexit. In fact, futures markets are now reflecting a chance that the Fed could actually cut interest rates before the end of the year.
At the MCX, Gold futures for August 2016 contract closed at Rs 31,746, per 10 grams, up by 0.90 per cent after opening at Rs 31,600, against the previous closing price of Rs 31,463. It touched the intra-day high of Rs 31,850.
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