Gold glitters on safe-haven demand

Gold glitters on safe-haven demand

11/01/2017 13:50

Gold futures were trading higher during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on safe-haven demand amid fears around Brexit, Trump’s news conference.

Investors keenly eyed the Donald Trump’s news conference later in the day at which he may give more details about the policies he will seek to implement after he takes office on January 20, 2017.

Markets focus will also be on prospect of further US interest rate hikes by US Fed, the outlook for US interest rates may become even more clearer when US Fed Chair Janet Yellen appears at a webcast town hall meeting with educators on Thursday.

At the MCX, gold futures for February 2017 contract is trading at Rs 28,222 per 10 grams, up by 0.28 per cent, after opening at Rs 28,158, against a previous close of Rs 28,144. It touched the intra-day high of Rs 28,243 (at 13:36 hours).

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