Yellow metal shines on weak US data, N Korea concerns

Yellow metal shines on weak US data, N Korea concerns

15/05/2017 13:53

Gold futures were trading higher during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on rising safe-haven demand after weakness in the greenback on the back of weaker-than-expected economic data from the US and a missile test conducted by North Korea on Sunday.

North Korea said on Monday it had successfully conducted a newly developed mid-to-long range missile test on Sunday, supervised by leader Kim Jong Un and aimed at verifying the capability to carry a “large scale heavy nuclear warhead.”

At the MCX, gold futures for June 2017 contract is trading at Rs 28047 per 10 grams, up by 0.15 per cent, after opening at Rs 28024, against a previous close of Rs 28005. It touched the intra-day high of Rs 28078 (at 13:40 hours).

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