Demand for the bullion picks up in China ahead of the Lunar New Year.However, dimming safe haven appeal of the precious metal after the IMF upped its global economic growth forecasts and fears over further reduction in US Federal Reserve stimulus capped the gains in the yellow metal.
Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,249 per 10 grams, up by 0.03 per cent after opening at Rs. 29,208, against the previous closing price of Rs 29,241. It touched an intra-day high of Rs 29,278. (At 10:43 AM).
Dion Global Solutions Ltd.