Gold futures advanced in the domestic market on Monday as the sharp losses in the previous session when prices tumbled 1.8 per cent offered a good bargain buying opportunity in the yellow metal, for investors and speculators, at existing levels.
Traders weighed a mixed outlook for further US Federal Reserve interest rate tightening. While Friday’s data showed that the labour market recovery in the world’s biggest economy remains on track, data on Monday raised concerns that business investment may remain a drag on growth as new orders for manufactured goods dropped in February and bookings for non-defence capital goods excluding aircraft, a proxy for future business spending, tumbled by a massive 2.5 per cent.
Meanwhile, some top Fed officials last week suggested a cautious rate hike path. Gold may extend gains today as falling oil prices, weakness in stocks and emerging market currencies dims risk appetite and bolsters the lure for safe haven assets. Read More - Mcx tips
At the MCX, Gold futures for April 2016 contract closed at Rs 28,168 per 10 gram, up by 0.46 per cent after opening at Rs 28,080, against the previous closing price of Rs 28,040. It touched the intra-day high of Rs 28,200.
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