NEW DELHI: Gold futures extended gains for the second straight day by gaining 0.26 per cent on the Multi Commodity Exchange (MCX) on Wednesday on sustained buying by speculators influenced by a good global trend.
Shifting of funds from weakening equities to rising bullion, also supported the uptrend to some extent. At 1140 hours on the MCX counter, gold for the most-active August-month contract moved up by 0.26 per cent to Rs 14,478 per ten gram, with an open in terest in 14,891 lots. Similarly, the metal for delivery in far-month October traded higher by the same margin at Rs 14,476 per ten gram with an open interest of 974 lots.
The continued rise in gold prices is mostly attributed to the rising trend in the US market last night where gold prices touched 940 dollar an ounce, traders said. They said some buying by investors by taking out funds from volatile equity markets also supported the uptrend in the futures. - PTI
