Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal as slowing job market gains in the US private sector signaled a loss of momentum in the world's biggest economy, boosting the safe haven appeal of the precious metal.
The US private sector created fewer than expected jobs last month, clouding the pace of the labour market recovery in the country, easing fears over faster tapering of QE, boosting the outlook for the bullion, which is a hedge against the inflationary risk of monetary stimulus.
Gold futures for April 2014 contract, at MCX, is trading at Rs. 28,813 per 10 grams, up by 0.34 per cent, after opening at Rs. 28,680, against the previous closing price of Rs 28,715. It touched an intra-day high of Rs 28,838. (At 11:38 AM).
Dion Global Solutions Ltd.