MCX Gold prices rise for third day on ECB

Gold prices rose for the third day on Friday in spite of the strong dollar, as the ongoing speculation on European central bank stimulus measures lifted demand for the commodity. Gold futures for October 2012 contract, at MCX, were trading at Rs. 29,994 per 10 grams, up by 0.09 per cent after opening at Rs. 29,981 against the previous closing price of Rs. 29,967. It touched the intra-day high of Rs. 30,016 till the trading. (At 11.17 AM today).

Moreover, prices also remained supported after official data showed that China’s consumer price index rose at an annualized rate of 1.8 per cent in July, slower than the 2.2 per cent rate of the previous month, indicating that China’s central bank has more scope for monetary easing. 

Gold prices also rose due to renewed interest from retailers and jewellery traders in the midst of a steady overseas trend. 

At the Commodity Exchange, gold future for December 2012 delivery traded at US$1,614.7 per ounce, down by 0.34 per cent as dollar strengthened against other currencies. It opened at US$1,620.2 against the previous closing price of US$1,618.1. It touched the intra-day low of US$1,611.8. [ Via ]

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