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Gold Gains On Global Worries Over Brexit Impact

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Gold continued its winning streak to rise in the bullion market, following overseas trend after the Britain voted to exit from the EU on Thursday.

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Gold, which is considered as a hedge against the inflationary risk benefited from Brexit decision.

Gold Gains On Global Worries Over Brexit Fallout
 

Gold rallies during economic, market or political uncertainty as these precious metals are considered a haven asset. Some investors are betting on gold on the belief that it holds its value well when the outlook for other assets is less rosy.

Analysts attributed persistent rise in gold prices at futures trade to a firming trend overseas where gold surged for a second day as shock waves continued to reverberate through financial markets following the Britain's vote to exit the European Union, boosting demand for safe haven assets, reports PTI.

At the MCX, Gold futures for August 2016 contract closed at Rs 31568, per 10 gram, up by 0.53 per It touched the intra-day high of Rs 31,645.

Gold for delivery in far-month October was trading higher by Rs 194 or 0.61 per cent to trade at Rs 31,884 per 10 gram. International spot gold was seen trading at $1,325 an ounce.

The currency was last seen trading at 67.88 to the US dollar. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

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