Gold futures closed higher in the domestic market on Friday amid fading expectations of a Federal Reserve rate hike in the next couple of months and as investors continued to digest the political and economic aftermath of the U.K.’s decision to leave the European Union.
Market players all but ruled out further rate hikes by the Fed this year in the aftermath of Britain’s vote to leave the EU. 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 31475, per 10 gram, up by 0.88 per cent after opening at Rs 31,250, against the previous closing price of Rs 31,199. It touched the intra-day high of Rs 31,585.
Market players all but ruled out further rate hikes by the Fed this year in the aftermath of Britain’s vote to leave the EU. 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 31475, per 10 gram, up by 0.88 per cent after opening at Rs 31,250, against the previous closing price of Rs 31,199. It touched the intra-day high of Rs 31,585.
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