Gold Reverses Previous Day’s Losses

Reversing its previous day’s losses, gold prices rose on Wednesday at the domestic markets on reports that central banks across the globe have been adding to their gold reserves.

The International Monetary Fund said that the central banks hiked their holding of the yellow metal in both July and August with South Korea raising its gold holdings by nearly 16 tonnes in July.

Gold futures for October 2012 contract, at MCX, were trading at Rs. 31,485 per 10 grams, up by 0.27 per cent after opening at Rs. 31,429 against the previous closing price of Rs. 31,400.

It touched the intra-day high of Rs. 31,488 till the trading. (At 11.26 AM today). Sentiment improved further as the recent bold steps taken by the central banks supported the yellow metal’s appeal as a hedge against inflation.

At the Commodity Exchange (COMEX), gold future for December 2012 delivery traded at US$1,766.3 per ounce, down by 0.005 per cent as dollar strengthened against other currencies.

It opened at US$1,762.7 against the previous closing price of US$1,766.4. It touched the intra-day low of US$1,761.5. (At 11.25 am IST). Via

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