U.S Gold Surges Near Ten Days High On Strong Buying

Gold futures extended the previous session's strong gains on Thursday with futures hitting nearly ten days high, as prices remained supported amid indications of surging demand for the precious metal. The reports of reserve buying from Turkey, Russia and the International Monetary Fund supported. Indeed, the yellow metal shot up to the $1448.25 level earlier today, before easing back towards $1445.95 per oz.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery trades at $1,446.15 a troy ounce, up 1.63% on the day. Silver quotes at $23.33, up 2.18% from last close. Copper and Crude Oil futures were trading with moderate gains in the after hours U.S session. Euro trades at $1.3073, up 0.43% from last close. Investors will receive weekly U.S. jobless claims data later Thursday. Reports on first-quarter gross domestic product and consumer sentiment in April are slated for release Friday.

Local gold prices traded near seven days high with MCX Gold June contract hitting sessions high at Rs 26,725, up Rs 303 or 1.16% from last close. The counter may edge up near Rs 27 k and support is seen at Rs 26,485 level. MCX May silver quotes at Rs 43,375, up Rs 480, after hitting session high near Rs 43,600 level.