Yellow metal shines on safe-haven demand


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 safe-haven demand due to weakness in the greenback amid political turmoil in the US.

Besides, a fresh test of an intermediate-range ballistic missile by North Korea to confirm the reliability of the late-stage guidance of the warhead, too supported safe-haven buying by investors.

However, rise in Asian equities restricted further surge in prices of precious metal.

At the MCX, gold futures for June 2017 contract is trading at Rs 28,670 per 10 grams, up by 0.12 per cent, after opening at Rs 28,593, against a previous close of Rs 28,635. It touched the intra-day high of Rs 28,695 (at 14:33 hours).

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