Gold April futures rise by 0.4% on a firming trend overseas

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Gold April futures rise by 0.4% on a firming trend overseas

Gold prices climbed on futures trade today as participants engaged in expanding positions on a firming trend overseas.

Gold for delivery in April contracts gained Rs 110, or 0.42%, to trade at Rs 26,593 per 10 grams. Gold rate hit an Intraday high of Rs 26614 and an Intraday low of Rs 26562. So far 1127 contracts have been traded on the Multi Commodity Exchange.

KheloMCX Commodity Analysts said that a reassuring trend in a global marketplace where gold rallied above $ 1,200 an ounce as Saudi Arabia and its allies began bombing targets in Yemen, fueling demand for safe haven, supported the rise of precious metal trading in MCX future here.

In the national capital, gold of 99.9 and 99.5 per cent purity jumped by Rs 400 each to Rs 26,950 and Rs 26,800 per 10 grams, respectively.

Furthermore, the purchase of the festive season by retailers, the weakness of the rupee against the dollar and change funds falling equity markets influenced prices of precious metals, they said.

The markets were closed on Wednesday as traders failed to do business to protest the budget proposal for the PAN need for buying worth of gold over Rs 1 lakh.

Gold in Singapore, rose 0.5 per cent to $1,201.60 an ounce – the highest price since March 5.

To contact the KheloMCX Advisory visit here. Or Free trial Advisory Visit KheloMCX.com.

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