Gold futures continue upward journey

Posted By: Religare
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Gold futures continue upward journey
Gold futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as holdings in the SPDR Trust, the biggest bullion-backed exchange traded product (ETP), expanded to the highest level in two months, signaling a pickup in investment demand for the bullion.

Assets in the SPDR Gold Trust rose by 0.9 per cent to the highest level since December 20, 2013 at 806.35 metric tons.

Investors were eying the US consumer sentiment and industrial output data to be released today.Gold futures for April 2014 contract, at MCX, is trading at Rs. 29,309 per 10 grams, up by 0.43 per cent, after opening at Rs. 29,230, against the previous closing price of Rs 29,184. It touched an intra-day high of Rs 29,345. (At 10:51 AM).

Dion Global Solutions Ltd.

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