Gold futures were trading higher during the evening trade in the domestic market on Thursday as investors and speculators widened their bets in the precious metal in the domestic spot markets as Fed Chair Janet Yellen said that there was no fixed timetable for US interest rate tightening, bolstering the lure for the bullion as a store of value.

               Still, many of Yellen’s colleagues have signaled that an interest rate hike would be appropriate before the end of the year. The Fed is looking for continuation of the job market recovery, and if no new risks arise, than a rate hike in December could be well on the cards.

At the MCX, gold futures for October 2016 contract is trading at Rs 31,105 per 10 grams, up by 0.48 per cent, after opening at Rs 30,990, against a previous close of Rs 30,955. It touched the intra-day high of Rs 31,150.

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