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Gold Futures up tracking global cues; physical buying supports

Gold Futures up tracking global cues
Gold was seen recovering on Monday and was trading higher tracking global cues. Increased buying activity supported gold sentiments.

International gold jumped 1% and was seen at $1,420 an ounce. However, outflow in exchange traded funds would weigh on the precious metal. The outflows indicate the people are focusing on other assets as well.

Gold which was considered as safe bet at the times of economic uncertainties has lost its safe-haven title and is behaving like any other riskier assets.

Gold which saw its biggest ever daily loss in dollar terms last Monday has been recovering in slow pace. Gold entered bear market and has been in pressure on Cyprus plan to sell excess gold and on worries over the Federal Reserves bond buying plan.

spot gold rates in major metros

Gold failed to react to tension in the Korean peninsula and was weighed by

Gold futures on the Multi Commodity Exchange recovered and was seen trading higher by Rs 164 at Rs 26,211 per 10 grams at 11.40 am IST.

Read more about: gold futures mcx
Story first published: Monday, April 22, 2013, 12:06 [IST]
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