Gold futures were trading moderately higher during afternoon trade in the domestic market on Friday as investors and speculators extended their positions in the precious metal on rise in safe-haven demand due to weakness in the US dollar as the US central bank called for gradual monetary tightening after raising interest rates by an expected 25 bps for the second time in 3 months.

The US Federal Reserve said in its policy statement that further hikes would only be gradual, with officials sticking to their outlook for 2 more rate hikes in 2017 and 3 more next year. At the MCX, gold futures for April 2017 contract is trading at Rs 28470 per 10 grams, up by 0.21 per cent, after opening at Rs 28390, against a previous close of Rs 28411. It touched the intra-day high of Rs 28495.

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