COMMODITY TRADING TIPS: Gold futures soared by over 1 per cent in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market where the bullion marked its best finish in two months as heightened geopolitical worries and signs of a worsening slowdown in China boosted the safe haven lure for Gold. North Korea said that it successfully staged its first test of a more powerful form of nuclear weapon, while the Saudi-Iran row threatened to escalate into a sectarian crisis in the already fragile Middle East region. Worries over a global slowdown also bolstered gold as the World Bank cut the global growth forecast for 2016 to 2.9 per cent from 3.3 per cent estimated earlier as a slowdown in China prolongs a commodity slump while Brazil and Russia suffer steep recessions. China weakened the yuan’s reference rate by the most since August, raising concerns over a worsening slowdown in the world’s second biggest economy, pushing global equity markets into a tailspin as traders shunned risky assets, seeking shelter in the safety of the yellow metal. The Dow Jones Industrial Average plunged 1.47 per cent; the Nasdaq Composite dropped 1.14 per cent while S&P 500 fell 1.31 per cent. Weakness in equities bolstered the lure for gold as an alternative asset. Minutes from the Fed’s December meet, released on Wednesday which showed that policymakers saw the decision to raise interest rates in December as a “close call” didn’t have much of an impact on Gold traders. “Almost all” of the FOMC members were satisfied that the criteria for tightening policy rates had been met, the minutes showed. A weaker dollar also bolstered the lure for the bullion as an alternative asset. Weaker greenback makes Gold cheaper for those holding other currencies, thus bolstering demand. Gold may extend gains today as a renewed rout in China pushes global markets into a freefall, boosting demand for safe haven assets. At the MCX, Gold futures for February 2016 contract is trading at Rs 25,741 per 10 gram, up by 1.39 per cent after opening at Rs 25,469, against the previous closing price of Rs 25,388. It touched the intra-day high of Rs 25,784.