Gold futures up on safe haven appeal

Posted By: Religare
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Gold futures up on safe haven appeal
Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal as the violence in South Sudan which killed nearly 500 people spiked concerns over the conflict in the Middle East, raising safe haven demand for the yellow metal.

However, caution ahead of the US jobless claims data due today which may show a pickup in the labour market in the world's biggest economy and bolster case for stimulus reduction by the Fed, trimmed gains in the precious metal.

Gold futures for February 2014 contract, at MCX, were trading at Rs. 28,553 per 10 grams, up by 0.35 per cent after opening at Rs. 28,475, against the previous closing price of Rs 28,454. It touched an intra-day high of Rs 28,570. (At 11:35 AM).

Dion Global Solutions Ltd.

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