At the MCX, Gold futures for August 2016 contract is trading at Rs 31,330 per kg, down by 0.69 %, after opening at Rs 31,450, against a previous close of Rs 31,401. It touched the intra-day low of Rs 31,301.

 Gold  prices are  expected to witness profit booking. One  can  sell with  a  stop loss  above  1700. Prices are    expected    to    test 31250-100.

  Gold rose 0.8% to USD 1,325.79 an ounce. Prices surged 8.1 percent on Friday to the highest in two years as the referendum result caused turmoil across global markets. Bullion rose for a second day as the pound extended a record sell off and European equities fell to the lowest since February. 

Meanwhile, gold has rallied 25 per cent this year as investors sought a protection of wealth and the Federal Reserve indicated it would keep interest rates low.