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 as the greenback struggled and weakness in equities on the back of delay in the US healthcare reform vote, and European Central Bank (ECB) President Mario Draghi hinted that the ECB could cut its stimulus this year.
Further, Asian markets were mostly lower after Wall Street was knocked hard as US Senate Republican leaders delayed a vote on a healthcare overhaul on Tuesday until next month, adding to investor worries about President Donald Trump’s ability to deliver on his promises of tax reform and deregulation.
At the MCX, gold futures for August 2017 contract is trading at Rs 28690 per 10 grams, up by 0.48 per cent, after opening at Rs 28610, against a previous close of Rs 28553. It touched the intra-day high of Rs 28718 (at 14:21 hours).
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