Gold futures up on rising investment demand

Posted By: Religare
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Gold futures up on rising investment demand
Gold futures rose in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after holdings in the bullion-backed exchange traded product (ETP) expanded for the first time since January 30, 2013 on Tuesday, signaling a pickup in investment demand for the yellow metal.

However, weak global cues amid dimming safe haven demand for the precious metal due to a rebound in global equity markets, trimmed gains in gold futures.

Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,770 per 10 grams, up by 0.28 per cent, after opening at Rs. 29,796, against the previous closing price of Rs 29,688. It touched an intra-day high of Rs 29,823. (At 11:19 AM).

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