Indian buyers are keeping a close eye on the prices of gold so any dip in price gives them a fair chance to buy. Yesterday's fall was not that big but spurred up physical buying so as to meet out their wedding and festive demand.
At the Multi Commodity Exchange, gold for delivery in October opened low at Rs 27,246 per 10 grams, then picked up in morning trade, touched an intraday high of Rs 27,672 per 10 grams and was trading in the range of Rs 27,615 – Rs 27,622 per 10 grams around 12:48 pm IST.
Similarly, the metal for April contract delivery opened at Rs 28,271 per 10 grams and was trading in the range of Rs 28,419 – Rs 28,460 per 10 grams.
Gold's cousin silver also picked up in today's trade.
The most actively traded silver contract, for December delivery opened at Rs 64,401 per kg and was trading in the range of Rs 64,660 – Rs 64,699 per kg same time.
Though, silver for immediate delivery pushed down little and was seen at Rs 61,599 per kg.
The markets also waiting for US President Obama's speech which is going to happen later in a day, where he is expected to reveal the next stimulus for enhancing job data.
Long-term bullion trend remained intact as concerns about global growth still remain cautious.