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Gold regains luster on China demand

By Religare
|

Gold futures were trading higher in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal amid signs of a pickup in demand for the bullion in China, the world's second biggest Gold consumer after India.

China increased its bullion reserves by more than 19 tonnes in July, the country's central bank revealed. China's gold reserves at the end of July stood at 1,677.30 tonnes, up by 1.16 per cent from June's 1,658 tonnes.

 

Meanwhile, a contraction in Japan's economy signaled the fast growing gloom surrounding the world economy, boosting the safe haven demand for the bullion. The world's third biggest economy shrank at an annualized pace of 1.6 per cent in the April-June 2015 quarter.

At the MCX, Gold futures for October 2015 contract is trading at Rs 25,958 per 10 gram, up by 0.74 per cent after opening at Rs 25,880, against the previous closing price of Rs 25,768. It touched the intra-day high of Rs 25,969. (At 12:09 PM).

Story first published: Monday, August 17, 2015, 23:00 [IST]
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