Gold futures were trading higher during the morning trade in the domestic market on Thursday after the Federal Reserve lowered its economic growth forecasts through 2017, indicating it will be less aggressive in tightening monetary policy next year.
Following a two-day meeting, the Fed kept said it kept interest rates unchanged as expected but signalled it still plans two rate increases this year, saying it expects the U.S. job market to strengthen after a recent slowdown.
At the MCX, Gold futures for August 2016 contract is trading at Rs 30,846 per kg, up by 1.32 per cent, after opening at Rs 30,500, against a previous close of Rs 30,444. It touched the intra-day high of Rs 30,875.
For investment related articles, business news and mutual fund advise, subscribe to GoodReturns.