Gold at 6-year high, gains Rs 1,108 per 10 gram last week

 

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Gold prices climbed in futures trade on Tuesday, taking support from positive global sentiment, while softer rupee and a volatile equity market boosted the appeal of gold as a safe-haven asset.

An uptick in demand by jewellers at the spot market, too, pushed gold prices higher.

In international markets, gold prices climbed to their highest in six years as the dollar weakened on prospects of monetary easing by the Federal Reserve while simmering US-Iran tensions drove investors ..

Gold prices were trading higher by Rs 171 at Rs 34,338 per 10 gram in evening trade on June 24, continuing last week’s bullish trend. The yellow metal has been trading above its six-year high on expectations of rate cuts by major central banks and tensions in the Middle East, given the US-Iran tussle, have given the precious metal a safe-haven billing.

On the Multi Commodity Exchange, Gold contracts for October delivery were trading higher by Rs 196, or 0.57 percent, at Rs 34,552 per 10 gram in a business turnover of 4,804 lots, while the August contract saw a business turnover of 18,796 lots. The far-month December contract was trading lower by Rs 9, or 0.03 percent at Rs 34,619 per 10 gram with a business volume of 11 lots.

 

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