For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Gold futures rebound sharply on physical demand

    By Religare
    |
    Gold futures rebound sharply on physical demand
    Gold futures ended higher in the domestic market on Monday, notching up the biggest gain in nine weeks in the overseas market as investors and speculators created fresh positions in the precious metal amid a surge in physical demand for the bullion. Demand for coins, bars and jewellery in Asia rose as a record quarterly plunge in prices offered bargain buying opportunity at existing levels.
     

    A weaker dollar against most currencies also boosted the demand for the bullion as an alternative asset.

    Moreover, safe haven demand for the precious metal rose as rising political unrest in Egypt sparked fresh concerns over Middle East tensions.

    Despite the yellow metal's sharp rebound, traders remain cautious over the outlook on concerns that the US Federal Reserve may taper stimulus in the near-term.

    At the MCX, Gold futures, for the August 2013 contract, closed at Rs 25,981 per 10 gram, up by 1.22 per cent, after opening at Rs 25,769, against a previous close of Rs 25,669. It touched an intra-day high of Rs 26,075.

    Read more about: gold futures
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more