MCX Gold Positive As Rupee Strengthens

With rupee climbing to a six month high against dollar, gold and silver prices are a tad up on the MCX since morning bell. The reform initiatives announced by Manmohan Singh government has strengthened the rupee. This has lent an upside to gold prices as rupee and gold are positively related.

December Gold on the MCX is up by 0.29% at Rs.31176 even as gold on the Comex added 0.77% at $1,793.65 a troy ounce in the US morning session.

The announcement by the ECB President Mario Draghi that the central bank was ready to start purchasing the debt of troubled euro zone states helped gold chart new highs in 11 months time.

sAt times it was felt that gold would cross $1800 mark. Meanwhile silver on the MCX is slightly up at Rs.62350, a gain of 0.39%. Via

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