Gold Rises On Demand Sparked By Mideast Tensions

Gold futures closed higher in the domestic market on Tuesday as analysts pinned the gain on haven investment demand sparked by Mideast tensions.

The conflict between Saudi Arabia and Qatar has taken this trade to another level altogether. Markets across the Middle East have been rattled by this news and the shining metal is in massive demand.

At the MCX, gold futures for August 2017 contract ended at Rs 29555 per 10 grams, up by 1.16 per cent, after opening at Rs 29,280 against a previous close of Rs 29,217. It touched the intra-day high of Rs 28,585.

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Suhani Verma

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