Gold futures up on physical demand

Gold futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking gains in overseas market amid a pickup in physical demand for the bullion in Asia.

Further, lingering concerns over the situation in Ukraine supported the safe haven demand for the precious metal.

A decision by the ECB to maintain record low interest rates boosted the bullion's appeal as a store of value.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,625 per 10 grams, up by 0.36 per cent, after opening at Rs. 28,589, against the previous closing price of Rs 28,523. It touched an intra-day high of Rs 28,640. (At 11:10 AM).

Read more about: gold
Story first published: Friday, May 9, 2014, 12:30 [IST]
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