Gold futures closed higher in the domestic market on Wednesday on the heels of a slump in global equities. Often viewed as an alternative asset, excelling in times of uncertainty, gold has benefited from a reduced appetite for investments viewed as risky, like equities.
Concerns about President Donald Trump’s ability to quickly push through pro-growth policies, promised during his presidential campaign, have helped to diminish demand for assets considered risky in favor of havens, like gold.
At the MCX, gold futures for April 2017 contract ended at Rs 28900 per 10 grams, up by 0.17 per cent, after opening at Rs 28,811 against a previous close of Rs 28,851. It touched the intra-day high of Rs 28,929.