Gold's safe haven appeal returns; breaches Rs 30,000 mark

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Gold's safe haven appeal returns; breaches Rs 30,000 mark
The price of the precious metal on Multi Commodity Exchange rose on Tuesday amid global concerns and the metal's safe haven appeal returning.

International spot gold was seen trading at US $1,1617 a troy ounce.

Global investors have been diversifying their money from equities to gold on its safe demand, which is also supporting the price of gold to move in the upward direction.

The price rise was seen due to the buying activity and on rising hopes that the Federal Reserve would consider further monetary easing after the gloomy May jobs data.

At the Multi Commodity Exchange (MCX), gold for August delivery contract was at Rs 30,071 per 10 grams up Rs153, the gold for June delivery was trading up by Rs 176 at Rs 29,884 per 10 grams at 3.10 pm IST.

Gold traders increased their long positions with the sudden spike in prices with small volumes considering this hike can be for an interim period.

Domestic bullion prices were subdued with gold of 99.9 and 99.5% purity was seen at Rs 30,200 and Rs 30,00 per 10 grams, respectively.

Read more about: gold, mcx, futures
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