Gold futures closed higher during in the domestic market on Thursday finding support from expectations that the Federal Reserve will keep U.S. interest rates on hold in the coming months.
The Fed which meets next week is highly unlikely to announce a rate hike given last week’s insipid jobs data. Meanwhile, a gauge of US consumer optimism slid to 48.2 for June from 48.7 in May, further raising calls for a delay in monetary tightening.
The possibility that the United Kingdom may leave the European Union, inviting global market and economic volatility, also bolstered the yellow metal.
At the MCX, Gold futures for August 2016 contract closed at Rs 29,926, per 10 gram, up by 1 per cent after opening at Rs 29,710, against the previous closing price of Rs 29,629. It touched the intra-day high of Rs 29,970.
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