Gold up on geopolitical concerns 29/05/2017

Gold up on geopolitical concerns
29/05/2017

Gold futures closed higher in the domestic market on Friday as a fresh round of geopolitical jitters offset expectations for higher U.S. interest rates, which would otherwise be bearish for gold prices. Investors were watching North Korea, this weekend’s Group of Seven meeting, the coming U.K. elections, and developments surrounding the Trump administration—all helping to boost gold’s appeal as a hedge against uncertainty. At the MCX, gold futures for June 2017 contract ended at Rs 28884 per 10 grams, up by 0.78 per cent, after opening at Rs 28,715 against a previous close of Rs 28,661. It touched the intra-day high of Rs 28,904.

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