Yellow metal shines as US political crisis deepens

Yellow metal shines as US political crisis deepens

18/05/2017 14:15

Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal on safe-haven buying on account of political turmoil in the US and diminished expectations for an aggressive string of interest rate hikes by the US Fed.

Pressure on US President Trump deepened after reports that he tried to interfere with a federal investigation.

At the MCX, gold futures for June 2017 contract is trading at Rs 28672 per 10 grams, up by 0.19 per cent, after opening at Rs 28650, against a previous close of Rs 28619. It touched the intra-day high of Rs 28735 (at 14:08 hours).

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