Gold futures gained in the domestic market due to following firm global cues. Gold future for August contract advanced as much as 0.35 per cent on the Multi Commodity Exchange (MCX) as the European Central Bank (ECB) rejected any form of debt restructure for Greece, increasing worries about the country's debt problem that prompted the investors to buy yellow metal as a protection of their wealth. The ECB indicated that it may increase further interest rate in July 2011 even as higher borrowing costs may fuel the debt crisis.
Gold for August contract, at the MCX, traded at Rs. 22,662.00 per 10 grams, up by 0.15 per cent, after opening at Rs. 22,623.00 against the previous closing price of Rs. 22,589.00. It touched the intra-day high of Rs. 22,668.00 till the trading. (At 03:20 PM today).
At the Commodity Exchange (COMEX), gold future for August contract traded at US$1,542.90 per ounce, up by 20 cents, after opening at US$1,545.1 against the previous closing price of US$1,542.7. It touched the intra-day high of US$1,546.5 with a business volume of US$13,611 lots till the trading. (At 03:30 PM today).