Gold rises on geopolitical jitters 30/05/2017

Gold rises on geopolitical jitters
30/05/2017

Gold futures closed higher in the domestic market on Monday 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 28919 per 10 grams, up by 0.11 per cent, after opening at Rs 28,870 against a previous close of Rs 28,888. It touched the intra-day high of Rs 28,941.

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