Gold futures rise on safe haven appeal
23/06/2014 08:19
Gold futures closed higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as rising unrest in Iraq boosted the safe haven demand for the bullion. Islamic extremists seized control of more cities north of Baghdad while the US said that it will send 300 military advisors to Iraq to help the government tackle the threat of extremists. Fears rose that a fresh civil war in Iraq may crimp crude supplies from the country, which is the second biggest crude producer in OPEC, causing a spike in oil prices, weighing on the global economy. The US Federal Reserve’s commitment to keeping interest rates low for a lengthy period boosted the appeal of the bullion as a store of value. Gold futures may fall today as the recent run of gains may dampen physical demand for the bullion. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,668 per 10 grams, up by 0.21 per cent, after opening at Rs. 27,636, against the previous closing price of Rs 27,611. It touched an intra-day high of Rs 27,820
23/06/2014 08:19
Gold futures closed higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as rising unrest in Iraq boosted the safe haven demand for the bullion. Islamic extremists seized control of more cities north of Baghdad while the US said that it will send 300 military advisors to Iraq to help the government tackle the threat of extremists. Fears rose that a fresh civil war in Iraq may crimp crude supplies from the country, which is the second biggest crude producer in OPEC, causing a spike in oil prices, weighing on the global economy. The US Federal Reserve’s commitment to keeping interest rates low for a lengthy period boosted the appeal of the bullion as a store of value. Gold futures may fall today as the recent run of gains may dampen physical demand for the bullion. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,668 per 10 grams, up by 0.21 per cent, after opening at Rs. 27,636, against the previous closing price of Rs 27,611. It touched an intra-day high of Rs 27,820
