Gold futures end higher on MCX

Posted By: Religare
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Gold futures ended higher in the domestic market on Wednesday amid robust global cues. Gold futures jumped to a three month high in the overseas market amid hopes that easing monetary conditions in China, the largest gold consumer, will boost the demand for the precious metal.

Chinese policymakers last week cut the reserve requirements for the nation's lenders to boost liquidity and credit growth. Moreover, lingering concerns over the Eurozone debt contagion and rising Middle East tensions may have also increased the safe haven demand for the precious metal.

Concerns that the second bailout aid for Greece may not prevent a Greek default and contain the debt crises spurred the safe haven demand for the precious metal. Moreover, a pickup in demand in the domestic spot market due to the ongoing marriage season also supported prices. At the MCX, Gold futures for the April 2012 contract rose as much as 1.23 per cent at Rs 28,728 per 10 gram.

Gold futures, at the MCX, for the April 2012 contract, closed at Rs 28,646 per 10 gram, up by 0.94 per cent, after opening at Rs 28,440, against a previous close of Rs 28,380. It touched an intra-day high of Rs 28,728.

Read more about: gold, mcx
Story first published: Thursday, February 23, 2012, 13:30 [IST]
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