Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as safe-haven demand increased on weaker US dollar after Fed kept interest rates steady. 

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The greenback turned weaker, against a basket of other currencies, after US Federal Reserve kept the interest rates unchanged in its first meeting on Wednesday since President Trump took office. However, it suggested that it was on track to tighten monetary policy this year. Fed raised interest rates in December, at that time it signaled as many as 3 rises in 2017 as the Trump administration takes over with promises to boost growth via tax cuts, spending and deregulation.

At the MCX, gold futures for February 2017 contract is trading at Rs 29,040 per 10 grams, up by 0.59 per cent, after opening at Rs 29,065, against a previous close of Rs 28,870. It touched the intra-day high of Rs 29,088.