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Gold Market Updates for 6 March 2017

Gold Market Updates for 6 March 2017

Gold futures were trading bigger during afternoon trade in the domestic market on Monday as investors & speculators extended their positions in the precious metal on increase in safe-haven desired on weaker dollar amid rising geopolitical tensions over North Korea.

Market participants are closely watching developments after the reclusive state fired 4 ballistic missiles into the sea off Japan’s northwest coast, days after it promised retaliation over US-South Korean military drills.

Meanwhile, US Fed Chair Yellen capped off a seemingly coordinated push from the central bank when she cemented the view that the Fed will raise rates at its next meeting on March 14 to 15, & likely be able to move faster after that than it has in years.

At the MCX, gold futures for April 2017 contract is trading at Rs 29158/10 grams, upward by 0.48 %, after opening at Rs 29100, against a last close of Rs 29020. It touched the intra-day max of Rs 29189.

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