Gold futures were trading higher during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on safe-haven appeal as the dollar softened and risk aversion due to geopolitical events.
Further, risk aversion is on the rise due to concerns over Middle East and also on news that China’s banking regulator has ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of companies that have been on an overseas buying spree
At the MCX, gold futures for August 2017 contract is trading at Rs 28763 per 10 grams, up by 0.47 per cent, after opening at Rs 28683, against a previous close of Rs 28629. It touched the intra-day high of Rs 28772 (at 13:46 hours).
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