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.