Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal after US Federal Reserve Vice Chairman Janet Yellen said that the US economy must improve before the central bank decides to undertake QE tapering, dimming fears of imminent stimulus reduction, bolstering the outlook for the bullion, which is a hedge against the inflationary risk of monetary stimulus.
Yellen said that the US economy and the country's job market are performing well-below their potential and must show improvement before the central banks start QE tapering.
Gold futures for December 2013 contract, at MCX, were trading at Rs. 30,170 per 10 grams, up by 0.38 per cent after opening at Rs. 30,115, against the previous closing price of Rs 30,057. It touched an intra-day high of Rs 30,225. (At 10:55 AM).
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