Gold Shines On Overseas Cues

Gold futures closed marginally higher in the domestic market on Friday as investors and speculators extended their positions in the precious metal amid uncertainty over the outlook for monetary policies in some of the world’s biggest economies.

Further, Boston Federal Reserve Bank of President Eric Rosengren urged policymakers to tighten interest rates as waiting too long may overheat the US economy. Safe haven assets become attractive for investors amid global uncertainity, thus rising demand for gold.

At the MCX, gold futures for October 2016 contract closed at Rs 31,236 per 10 grams, up by 0.11 per cent, after opening at Rs 31,245, against a previous close of Rs 31,203. It touched the intra-day high of Rs 31,296.

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Suhani Verma

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