Gold continues to gain ground on US airstrikes in Syria

Gold continues to gain ground on US airstrikes in Syria
Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as escalating tensions in the Middle East amid US led airstrikes in Syria against Islamic State militants boosted safe haven inflows into the yellow metal.

However, the gains in the bullion were curbed by speculation of a rise in US borrowing costs after a top US Fed official saw the case for a rate hike in early 2015, dimming the appeal of the precious metal as a store of value.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,699 per 10 grams, up by 0.11 per cent, after opening at Rs. 26,672, against the previous closing price of Rs 26,669. It touched an intra-day high of Rs 26,712. (At 11:21 AM).

Read more about: gold, gold futures, mcx
Story first published: Wednesday, September 24, 2014, 12:30 [IST]
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