Yellow Metal Shines On Safe-Haven Demand

Gold futures were trading higher during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal on safe-haven demand due to weakness in Asian equities and US dollar amid controversy around US President Donald Trump that he tried to quash an FBI probe.
According to Reuters report, Trump asked his now dismissed Federal Bureau of Investigation (FBI) Director James Comey to end a probe into ties between former national security adviser Michael Flynn and Russia, according to a source who has seen a memo written by Comey.
The memo raises questions about whether Trump tried to interfere with a federal investigation. The White House denied the report. At the MCX, gold futures for June 2017 contract is trading at Rs 28245 per 10 grams, up by 0.54 per cent, after opening at Rs 28150, against a previous close of Rs 28094. It touched the intra-day high of Rs 28267 (at 14:02 hours).
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