Gold futures up on physical demand

Gold futures were trading higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand for gold in the domestic spot market.

However, speculation that the US Federal Reserve will continue to taper its monthly bond buying program in the near-term after robust jobs data signaled an improving economic outlook, dimmed the appeal of gold, a hedge against the inflationary risk of monetary stimulus, curbing gains in the yellow metal. The US economy added more than 200,000 jobs for the fourth month on the trot in May.

Gold futures for August 2014 contract, at MCX, is trading at Rs. 25,895 per 10 grams, up by 0.12 per cent, after opening at Rs. 25,825, against the previous closing price of Rs 25,863. It touched an intra-day high of Rs 25,930. (At 11:13 AM). check gold rates in your city here

Read more about: gold futures, mcx
Story first published: Monday, June 9, 2014, 12:40 [IST]
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