Gold futures closed higher in the domestic market on Friday as investors rushed to buy the metal in the wake of the U.K.’s decision to exit from the European Union.
Gold tends to rally in times of economic, market or political uncertainty because precious metals are considered a haven asset.
At the MCX, Gold futures for August 2016 contract closed at Rs 31385, per 10 gram, up by 4.92 per cent after opening at Rs 30,020, against the previous closing price of Rs 29,914. It touched the intra-day high of Rs 31,925.
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