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Gold futures continue upward journey on safe haven demand

By Religare
Gold futures continue upward journey on safe haven demand
Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking firm cues from overseas markets amid rising safe haven demand for the precious metal.

A plunge in emerging market currencies last week raised concerns over the health of the global economy, boosting inflows into the yellow metal, which is considered as a safe haven amid uncertain economic conditions.

Investors are eying the outcome of the US Federal Reserve's two-day monetary policy meeting beginning tomorrow.

Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,720 per 10 grams, up by 0.68 per cent after opening at Rs. 29,550, against the previous closing price of Rs 29,519. It touched an intra-day high of Rs 29,774. (At 10:53 AM).

Dion Global Solutions Ltd.

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