Gold futures up on safe haven demand

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Gold futures up on safe haven demand
Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as Russia's intervention in Ukraine and a worsening slowdown in China bolstered safe haven demand for the bullion.

Russia seized control of the Black Sea region while US Secretary of State John Kerry was all set to travel to Ukraine with the US even planning sanctions against Russia for its intrusion into the Crimea region.

Holdings in gold-backed exchange traded products (ETP) posted their first monthly increase since December 2012, up 0.4 per cent to 1,745.99 metric tons in February 2014, signaling a pickup in investment demand for gold.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,380 per 10 grams, up by 0.96 per cent, after opening at Rs. 30,192, against the previous closing price of Rs 30,090. It touched an intra-day high of Rs 30,450. (At 11:54 AM).

Dion Global Solutions Ltd.

Story first published: Monday, March 3, 2014, 12:44 [IST]
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