Gold opened marginally higher on the Multi Commodity Exchange (MCX) on Friday after slipping on Thursday on profit booking at previously higher levels. Demand for gold has seen an upmove as a safe haven option as equities all over the world are in a bad shape on account of the global slowdown.
Gold for April delivery on the MCX was a tad higher at Rs 15,502 per 10 gm. The June contract rose by 0.27% to Rs 15506 per grams. MCX Gold contract for April expiry closed at Rs 15455 per 10 gm, down Rs 106 on Thursday.
Gold price for April delivery fell $1.70 at COMEX division of the New York Mercantile Exchange, to settle at $976.50 an ounce. It hit the third consecutive new 7-month high at $987.90 per ounce earlier in the session.