Gold rises by 0.66% on MCX

Gold rises by 0.66% on MCX
Gold prices held steady, after rallying more than two percent in the previous session, tracking gains in equities and commodities on renewed hopes for a resolution of the the debt crisis in the euro zone

Gold futures for October 2011 contract, at MCX, was trading at Rs. 26,840 per 10 grams, up by 0.66% after opening at Rs. 26,738 against the previous closing price of Rs. 26,663. It touched the intra-day high of Rs. 26,845 till the trading. (At 10.41 AM today).

The total above ground stocks of gold is estimated to be around 1,63,000 tonnes by Gold Fields Minerals Services (GFMS) as on end of 2008 and out of this total stock, 51% is estimated to be present as jewellery, 18% as official reserves, 17% held as investment, 12% used for industrial purposes and 2% is unaccounted for.

Meanwhile, some of the worlds gold markets are OTC markets at London (LBMA), New York and Zurich, Gold derivative exchanges at New York - CME (COMEX), Tokyo (TOCOM) and Mumbai (MCX) while Istanbul, Dubai, Hong Kong and Singapore are doorways to important consuming regions.

Gold is the oldest precious metal known to man and for thousands of years it has been valued as a global currency, a commodity, an investment and simply an object of beauty.

Read more about: gold, mcx, eurozone, futures
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