Precious Metals
Gold futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as escalating violence in Iraq boosted the safe haven demand for the bullion. Al -Qaeda militants seized control over Mosul, the country’s second biggest city and moved towards the Iraqi capital of Baghdad even as the Iraqi Oil Minister said that US planes may bomb northern Iraq. Weaker than expected US retail sales data, signaled a slowdown in the world’s biggest economy supporting the appeal of gold as a safe haven asset. Gold futures for August 2014 contract, at MCX, closed at Rs. 26,365 per 10 grams, up by 0.13 per cent, after opening at Rs. 26,362, against the previous closing price of Rs 26,330. It touched an intra-day high of Rs 26,395. (At 11:11 AM).
DAILY BUZZ
GOLDGold futures rose in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as escalating violence in Iraq boosted the safe haven demand for the bullion. Al -Qaeda militants seized control over Mosul, the country’s second biggest city and moved towards the Iraqi capital of Baghdad even as the Iraqi Oil Minister said that US planes may bomb northern Iraq. Weaker than expected US retail sales data, signaled a slowdown in the world’s biggest economy supporting the appeal of gold as a safe haven asset. Gold futures for August 2014 contract, at MCX, closed at Rs. 26,365 per 10 grams, up by 0.13 per cent, after opening at Rs. 26,362, against the previous closing price of Rs 26,330. It touched an intra-day high of Rs 26,395. (At 11:11 AM).
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