Gold futures continue upward journey

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Gold futures continue upward journey
Gold futures were trading higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking gains in the overseas market as concerns over Ukraine deepened after US Secretary of State John Kerry warned Russia that the country is making a huge mistake if doesn't pull out its military troops from the Ukrainian border, boosting the safe haven demand for the bullion. A pickup in demand for the precious metal from China, the world's biggest gold consumer, also supported sentiment.

The number of Americans who filed for unemployment claims rose last week, signaling headwinds to the US labour market recovery, raising bets of continued Fed accommodative monetary policy, supporting gold's appeal as a store of value. US jobless claims rose 24,000 to 329,000 last week.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,955 per 10 grams, up by 0.57 per cent, after opening at Rs. 28,845, against the previous closing price of Rs 28,790. It touched an intra-day high of Rs 28,965. (At 11:08 AM).

Dion Global Solutions Ltd.

Story first published: Friday, April 25, 2014, 12:23 [IST]
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