Gold futures up on safe haven demand

Posted By: Religare
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Gold futures up on safe haven demand
Gold futures rose in the domestic market on Friday as rising geopolitical tensions surrounding Ukraine boosted the safe haven demand for the precious metal.

Russian military forces occupied the Crimea region of Ukraine, raising concerns that there may be a military conflict between Russia and Ukraine while the US warned of sanctions against Russia if the country doesn't stand down its forces in Crimea.

However, caution ahead of the key US jobs data today which may offer further cues over the health of the US job market, trimmed gains in the precious metal.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,264 per 10 grams, up by 0.18 per cent, after opening at Rs. 30,202, against the previous closing price of Rs 30,209. It touched an intra-day high of Rs 30,315 (At 11:30 AM).

Dion Global Solutions Ltd.

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