Gold futures remain upbeat amid safe haven buying

Posted By: Religare
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Gold futures remain upbeat amid safe haven buying
Gold futures rose in the domestic market on Wednesday amid a firm trend in the overseas market as investors and speculators booked fresh positions in the precious metal as rising geopolitical tensions amid the crises in Ukraine and worries over slowing growth in China boosted the safe haven demand for the precious metal.

Russia refused to back off from its position in Ukraine as the country's military troops strengthened their hold in Ukraine's Crimea region, worsening the conflict between the two nations.

Holdings in the biggest gold -backed exchange-traded product, SPDR Gold Trust held at the highest this year, signaling robust investment demand for the bullion.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,438 per 10 grams, up by 0.63 per cent, after opening at Rs. 30,280, against the previous closing price of Rs 30,247. It touched an intra-day high of Rs 30,455. (At 10:54 AM).

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