Yellow metal jumps on Safe Haven Appeal.

Gold futures regained sheen on Tuesday as a renewed global stock rout and falling oil prices, coupled with worries over a slowing world economy spurred the demand for safe haven assets.

Global equities treaded water as IMF chief Christine Lagarde cautioned against downside risks to global economic growth amidst a China slowdown, weak commodity prices and financial market volatility, souring the appetite for risky assets and prompting traders to seek shelter in the safety of the bullion.
 

Traders are weighing a mixed outlook for the US Federal Reserve’s interest rate hike path amid a mixed batch of recent economic data and contradictory remarks over further policy tightening in the world’s biggest economy by officials over the past two weeks.
 

The precious metal may trade on a cautious note today ahead of FOMC minutes which may offer some cues over the timing of the next Fed rate hike. Read More – Mcx Tips
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,387 per 10 gram, up by 0.77 per cent after opening at Rs 28,400, against the previous closing price of Rs 28,168. It touched the intra-day high of Rs 28,680.