Gold Hits Monthly Highs As Investors Turn Cautious

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Gold prices in India, which have sureged since the start of the week continued their strong momentum. Gold for 22 karats, which had rallied to as much as Rs 28,750 per 10 grams in the city of Mumbai saw a marginal decline, but was on track to see monthly highs as investors overseas continued to engage in some safe haven buying. Precious gold saw a smart rally in the last few days as investors worried over the Comey testimony and the week dollar helped support sentiments overseas.

Gold Hits Monthly Highs As Investors Turn Cautious
In the international markets gold prices hit $1295 an ounce on sustained buying support. Gold futures on the MCX in India was last seen trading at Rs 29,492, down about Rs 29 over the previous closing.

Spot gold was also trading marginally lower at Rs 28,800 per 10 grams in the Mumbai market. In line with gold, Silver prices were also trading higher in the global markets. The precious metal has been on a roll since the start of the year, after seeing months of stability. Globally, analysts attribute the sharp rise in the price of the precious metal largely to sustained liquidity in the global markets. 

In India, gold has not rallied significantly largely due to the fact that the rupee has gained against the dollar, thus supporting prices.

Read more about: gold
Story first published: Wednesday, June 7, 2017, 11:40 [IST]
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