Gold futures rallies tracking global cues

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Gold futures rallies tracking global cues
Gold futures took a quick turnaround after trading low in morning due to various speculation over the US job claims data.

Traders globally are speculating that US may come out with weaker-than-expected job claims data, which in turn boosted the demand for the yellow metal as safe-haven investment.

At the Multi Commodity Exchange, gold for delivery in October touched an intraday high of Rs 27,560 per 10 grams and was trading the range of Rs 27,490 – Rs 27,496 per 10 grams around 1:10 pm IST.

Similarly, the metal for April contract delivery opened at Rs 28,208 per 10 grams and was trading in the range of Rs 28,301 – Rs 28,329 per 10 grams.

Investors and traders have kept their fingers crossed on data which is going to get released later in a day, the data which could move gold upside-down.

Read more about: gold, speculation, mcx
Story first published: Friday, September 2, 2011, 13:19 [IST]
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