Gold trades higher on safe haven demand

Posted By: Religare
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Gold gains up on safe haven demand
Gold futures rose in the domestic market on Wednesday as investors and speculators flocked to the safety of the precious metal after the European Union said that it would soon slap more sanctions against Russia despite last weekend's announcement of a ceasefire between pro-Russia rebels and the Ukrainian government.

Investors are weighing the outlook for US interest rate hike as they eye key US economic data this week including retail sales and jobless claims which may show strength in the world's biggest economy.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,378 per 10 grams, up by 0.43 per cent, after opening at Rs. 27,334, against the previous closing price of Rs 27,261. It touched an intra-day high of Rs 27,416. (At 11:18 AM).

Read more about: gold, mcx
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