Gold prices fall by 0.41%, Euro zone eyed

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Gold prices fall by 0.41%, Euro zone eyed
Gold prices edged lower on Thursday, tracking losses in riskier assets, as the markets remain jittery over the euro zone debt crisis while the bloc's political wrangling continues. Gold futures for December 2011 contract, at MCX, was trading at Rs. 28,876 per 10 grams, down by 0.41% after opening at Rs. 28,950 against the previous closing price of Rs. 28,996. It touched the intra-day low of Rs. 28,836 till the trading. (At 10.13 AM today).

At the Commodity Exchange (COMEX), gold future for December 2011 delivery traded at US$1,761.3 per ounce, down by 0.73%, after opening at US$1,764.7 against the previous closing price of US$1,774.3. It touched the intra-day low of US$1,757.6 with a business volume of 7,820 lots till the electronic trading. (At 10.40 AM CT).

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, futures, euro zone
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