Gold flat with rising optimism in euro zone

Gold flat with rising optimism in euro zone
Gold futures stayed steady on Monday in line with global markets due to rising optimism in euro zone.

MCX gold futures for December delivery were seen marginally up by 0.29% at Rs 28,969 per 10 grams at 12:55 pm IST. It opened at Rs 28,930 per 10 grams and touched an intraday high of Rs 29,048.

The metal for February delivery was seen trading in the range of Rs 29,285 – Rs 29,290 per 10 grams same time.

Over in euro zone, the investors are quite hopeful that the new government in Greece and Italy may come out with possible steps to revive their economies and a solution to their debt-crisis.

Italy's new Prime Minister Mario Monti and Greece's Lucas Papademos need to face a test of confidence to tackle the region's mounting debt crisis.

Overseas gold prices also seen flat on Monday with new hopes, where International spot gold stood at US $1,788 an ounce.

Domestic bullion prices shed Rs 33 per 10 grams, with 24 carat gold seen down at Rs 28,930 per 10 grams and 22 carat gold at Rs 27,050 per 10 grams.

Read more about: gold, mcx, futures, euro zone, greece
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