MCX Gold prices rise on expectations of stimulus

Gold prices rose for the second day as the traders hope that the central banks across the globe are likely to stimulate their economies with monetary easing tools as talks of easing tend to send the prices of the yellow metal higher.

Gold futures for October 2012 contract, at MCX, were trading at Rs. 29,978 per 10 grams, up by 0.17 per cent after opening at Rs. 29,950 against the previous closing price of Rs. 29,928. It touched the intra-day high of Rs. 29,988 till the trading. (At 11.29 AM today).

Sentiment improved further as China, world's top gold producer is likely to release its inflation, industrial output and trade data for July later this week which is likely to show that the country was stabilizing in the beginning of H2 of the year.

Gold prices also rose as a result of increased buying by stockists and jewelers in order to meet the ongoing festival season demand. At the Commodity Exchange (COMEX), gold future for December 2012 delivery traded at US$1,613.5 per ounce, down by 0.17 per cent as dollar strengthened against other currencies.

It opened at US$1,614.5 against the previous closing price of US$1,616.2. It touched the intra-day low of US$1,611.7. (At 11.21 am IST). [ Via ]

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