Gold prices zoom higher on safe haven buying

Gold prices zoom higher on safe haven buying





Gold prices zoomed past 5 months highs on the back of troubles in Euro zone and safe haven buying in the precious metals. Traders are skeptic about the fate of commodities but Gold is enjoying the safe haven appeal as traders are getting lured for hedging their investments.

MCX Gold contract for June expiry closed at Rs 17,763 per 10 grams, its five months highs. The contract gained Rs 449 or 2.5%.

Loco Gold contract gained $ 33 to close at $ 1206 per ounce. The markets are seen trading lower on Friday with Loco Gold down by $ 8 to trade at $ 1199 per ounce.

The Euro collapsed on Thursday as protesters took to the streets of Athens for a second day, spooking markets looking for some clarity on the Greek debt bailout.

The most recent reports out of Europe are saying a divided Parliament has voted to adopt the spending cuts, which have been violently opposed in Greece.














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