Gold edged up near 2017 highs on heightened safe haven buying. A terrorist attack in London made stocks nervous globally yesterday. Around five people, including the assailant, were killed and at least 40 others injured in the attack. The commodity is currently trading just around $1250 per ounce levels. MCX Gold futures closed around Rs 28900 per 10 gram levels as recent upside extended. However, high near Rs 29000 could trigger some selling pressure on the metal.
COMEX Gold jumped earlier this week on slightly modest views by a barrage of talks of Fed speakers. The US central bank raised interest rates for the second time in three months last week. However, Gold found solace on ideas that Fed would be little easy on monetary policy tightening in coming months. Comments from Fed members corroborated this yesterday. Chicago Fed President Charles Evans said the central bank will wait until June to decide on the next rate hike. Minneapolis Fed President Neel Kashkari also noted that he voted against a rate hike last week because he wanted to see more inflation in the US, according to media reports.
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