Gold futures closed higher in the local market on Thu after the Bank of England announced a rate cut for the first time since 2009 & unveiled a batch of stimulus measures aimed at stimulating the country’s economy in the wake of the Jun 23 vote to exit the Eur Union.
Although the rate cut was expected, the additional stimulus measures surprised the market, and contributing a jolt to haven assets.
This, coupled with easing measures from the Bank of Japan earlier in the week, are being viewed as supportive to the long-term outlook for gold prices.
At the MCX, Gold futures for August 2016 contract closed at Rs 31,650, per 10 gram, up by 0.13 per cent after opening at Rs 31,506, against the previous closing price of Rs 31,608. It touched the intra-day high of Rs 31,675.
Although the rate cut was expected, the additional stimulus measures surprised the market, and contributing a jolt to haven assets.
This, coupled with easing measures from the Bank of Japan earlier in the week, are being viewed as supportive to the long-term outlook for gold prices.
At the MCX, Gold futures for August 2016 contract closed at Rs 31,650, per 10 gram, up by 0.13 per cent after opening at Rs 31,506, against the previous closing price of Rs 31,608. It touched the intra-day high of Rs 31,675.
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