Gold futures up on physical demand

Posted By: Religare
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Gold futures up on physical demand
Gold futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal amid a pickup in physical demand from Asia.

China's gold imports from Hong Kong more than doubled in the January -November 2013 period at 1,017 metric tons, a sign of a pickup in gold consumption in China, which may have surpassed India as the world's biggest bullion consumer.

However, caution ahead of key US payrolls and FOMC minutes data to be released this week which may signal further stimulus rollback by the US Federal Reserve in the near-term, trimmed gains in the precious metal.

Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,038 per 10 grams, up by 0.22 per cent after opening at Rs. 29,001, against the previous closing price of Rs 28,974. It touched an intra-day high of Rs 29,040. (At 11:04 AM).

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