Gold Traders In Cautious Mood Ahead Of Brexit Vote

Posted By: Religare
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Gold futures were trading in the red during morning trade in the domestic market on Wednesday as investors stuck to a cautious approach ahead of the EU referendum tomorrow in which Britain decides whether to remain or opt out of the trade block.

Gold Traders In Cautious Mood Ahead Of Brexit Vote

As campaigning enters the final day, the odds of Brexit have fallen in recent days with Oddchecker, a popular odds comparison site, putting the probability of leave at about 26 per cent, down from 43 per cent a week ago.

Meanwhile, in a testimony to lawmakers, Fed Chair Janet Yellen indicated that the FOMC remains wary of undertaking near-term interest rate hikes amidst heightened economic uncertainty, supporting gold's appeal as a store of value.

At the MCX, Gold futures for August 2016 contract were trading at Rs 30,230, per 10 gram, down by 0.22 per cent after opening at Rs 30,251, against the previous closing price of Rs 30,296. It touched the intra-day low of Rs 30,216. (At 10:47 AM).

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