Gold futures higher on physical demand hopes

Gold futures higher on physical demand hopes
Gold futures were trading higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal amid hopes that a reopening of Chinese markets following the Lunar New Year Holidays may boost physical demand for the yellow metal. China may have overtaken India as the world's biggest bullion consumer.

However, caution ahead of the US jobs data curbed gains in the precious metal. US job growth may have accelerated last month after falling to a near three-year low in December, boosting the case for further QE taper, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 28,768 per 10 grams, up by 0.41 per cent, after opening at Rs. 28,730, against the previous closing price of Rs 28,650. It touched an intra-day high of Rs 28,814. (At 11:13 AM).

Dion Global Solutions Ltd.

Story first published: Friday, February 7, 2014, 12:43 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?