Gold Futures up on rising Ukraine tensions

Updated: Wednesday, May 7, 2014, 11:57 [IST]

Gold Futures were trading marginally higher as international gold prices rallied on rising tensions in Ukraine. Gold for June delivery on the MCX was trading higher by 87 at Rs 28,794, while Silver Futures was trading higher by Rs 198 at Rs 42769.

In the international markets Gold climbed to near three weeks on Wednesday, as violence flared in parts of Eastern Ukraine.

Spot gold rose to $1,311 an ounce, after earlier hitting a session high of $1,313. Gold would continue to find buyers as tensions in Ukraine mount.

The metal has maintained a steady trend this year, after falling for the first time in 12 years last year. Global economic recovery has pushed gold prices lower as investors sold into gold and made purchases of equities.

Should geo-political tensions escalate in Ukraine gold could rally further in the coming months. check gold rates here

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