Gold futures closed slightly higher in the domestic market on Monday recovering from sharper losses earlier in the session, as prospects for a rate increase later in the month by the Federal Reserve and the possibility that monetary policy might tighten at an accelerated pace in 2017 weighed on the metal.
The rise in gold came as concerns sparked by Italy’s referendum result, which would typically result in haven demand for the asset and other precious metals.
At the MCX, gold futures for December 2016 contract ended at Rs 28475 per 10 grams, up by 1.99 per cent, after opening at Rs 28,200 against a previous close of Rs 27,920. It touched the intra-day high of Rs 28,490.
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The rise in gold came as concerns sparked by Italy’s referendum result, which would typically result in haven demand for the asset and other precious metals.
At the MCX, gold futures for December 2016 contract ended at Rs 28475 per 10 grams, up by 1.99 per cent, after opening at Rs 28,200 against a previous close of Rs 27,920. It touched the intra-day high of Rs 28,490.
Read More - Gold Updates
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