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Gold futures advanced in the domestic market on Tuesday as a renewed decline in global equities and falling oil prices amid fresh fears over the health of the world economy spurred a demand for safe haven assets. Equities from Asia to Europe and the US slid as Japan’s economy contracted by 1.1 per cent annualized pace in the fourth quarter of last year while China’s exports tumbled the most since May 2009 in February 2016, causing a flight to the safety of the yellow metal.
Gold may extend gains today as falling stocks bolster the lure for the precious metal as an alternative asset. At the MCX, Gold futures for April 2016 contract closed at Rs 29,809 per 10 gram, up by 0.73 per cent after opening at Rs 29,650, against the previous closing price of Rs 29,592. It touched the intra-day high of Rs 30,161.