Gold advances on MCX; euro zone favours

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Gold advances on MCX; euro zone favours
Rising hopes from Euro zone lifted up price of gold yet again on various commodity bourses.

Gold for December delivery rose on Multi Commodity Exchange (MCX) by 0.63% to Rs 28,842 per 10 grams at 2:05 pm IST. It opened low at Rs 28,749 per 10 grams and touched a high of Rs 28,905 per 10 grams.

While the metal for February delivery edged up at the level of Rs 29,149 per 10 grams same time.

Overseas spot gold stood steady in the range of US$ 1,707 - $ 1,708 a troy ounce.

Investors seem to be optimistic about the euro zone as finance ministers of 17 countries of Euro zone are working out on a bailout fund. The countries of the euro zone are in talks to create more fiscal unity to stem the debt crisis.

Gold added gains on Tuesday on weak dollar as the weaker dollar always aid precious metals, the same trend was seen on Wednesday as well.

Back to India, the 24 carat gold price dropped marginally to Rs 29,050 per 10 grams while the price of 22 carat gold fell slightly to Rs 27,160 per 10 grams.

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Read more about: gold, mcx, dollar, futures
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