Gold futures surge as Syria conflict sparks safe haven demand

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Gold futures surged in the domestic market on Wednesday tracking a spike in prices in the overseas market as concerns over a possible US military strike in Syria, where the government allegedly used chemical weapons against civilians boosted the safe haven demand for the precious metal.

Speculation is rising that the US, along with Britain and France may attack Syria as the Western nations hold the Bashar-al-Assad regime accountable for the use of chemical weapons.

A sharp weakness in the Indian rupee, which slipped past the 67 mark against the US dollar, also pushed up domestic prices of the bullion.

Gold futures for October 2013 contract, at MCX, were trading at Rs. 34,330 per 10 grams, up by 1.82 per cent after opening at Rs. 33,920 against the previous closing price of Rs. 33,715. It touched an intra-day high of Rs 34,600. (At 11:04 AM).

Dion Global Solutions Ltd.

Read more about: gold futures, syria, britain, france
Story first published: Wednesday, August 28, 2013, 12:20 [IST]
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