Gold prices rose by 0.04 per cent on Monday at the domestic markets on
hopes that the U.S. will avoid a fast-approaching fiscal cliff after
President Barack Obama expressed confidence that he and Congress would
reach a budget agreement needed to avert the so- called fiscal cliff.
Gold futures for December 2012 contract, at MCX, were trading at Rs. 31,654 per 10 grams, up by 0.04 per cent after opening at Rs. 31,666 against the previous closing price of Rs. 31,640. It touched the intra-day high of Rs. 31,706 till the trading.
Gold futures for December 2012 contract, at MCX, were trading at Rs. 31,654 per 10 grams, up by 0.04 per cent after opening at Rs. 31,666 against the previous closing price of Rs. 31,640. It touched the intra-day high of Rs. 31,706 till the trading.
Sentiment improved further as weaker dollar makes gold cheaper for those
holding other currencies, thus increasing demand. The U.S. dollar
index, a measure of the value of the United States dollar relative to a
basket of foreign currencies, was trading 0.22 per cent lower at 81.082
on the Inter-Continental Exchange (ICE) at 11.28 AM IST.
Moreover, the increasing expectations for further monetary easing in Japan fueled demand as well.
Meanwhile, traders keep an eye on developments regarding the U.S. fiscal
cliff along with Tuesday’s meeting of the euro group of finance
ministers to discuss unlocking Greece’s next aid installment.
At the Commodity Exchange, gold future for December 2012
delivery traded at US$1,722.3 per ounce, up by 0.44 per cent. It opened
at US$1,714.4 against the previous closing price of US$1,714.7. It
touched the intra-day high of US$1,723.6.[Via]
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