Monday, June 13, 2016

MCX Gold Tips: Gold edges higher on Brexit worries
MCX Gold Tips: Gold futures closed higher in the domestic market on Friday supported by weaker Asian stocks as investors turned towards safe haven-assets ahead of this week's central bank meetings and Britain's June 23 referendum on its European Union membership. Investors all but ruled out a rate hike at the Federal’s June 14-15 meeting after U.S. employment data earlier this month showed the economy added just 38,000 jobs previous month, the smallest increase since September 2010. The CME Group's Federal Watch tool indicated on Friday that there is a 1.9% chance the FOMC will raise rates in its June meeting this week. The probability of at least 1 rate hike in 2016 stood at 58.8%. At the MCX, Gold futures for August 2016 contract closed at Rs 30,130, per 10 gram, up by 0.64 per cent after opening at Rs 29,901, against the previous closing price of Rs 29,937. It touched the intra-day high of Rs 30.141.