India gold, silver edges up marginally

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India gold, silver edges up marginally
Gold and silver edged up marginally on the Multi Commodity Exchange (MCX) on the first trading day of 2012, supported by weak rupee and negative sentiment in domestic equities. Traders created fresh speculative positions in precious metals due to absence of market activity in rest of the world as most of global markets remained closed today on the occasion of New Year.

Gold for February delivery on MCX opened at Rs 27,300 per 10 grams and was trading at Rs 27,354 – Rs 27,356 per 10 grams at 12:50 pm IST. It touched an intraday high of Rs 27,385 per 10 grams.

The metal for April delivery opened at Rs 27,651 per 10 grams and was trading up by mere Rs 30 same time.

MCX spot gold was seen marginally up at 27,179 per 10 grams.

On domestic front, 24 carat gold stood at Rs 27,360 per 10 grams and 22 carat gold at Rs 25,590 per 10 grams.

Silver futures also followed the same trend, silver for March delivery opened at Rs 51,000 per kg and was seen trading at Rs 51,304 – Rs 51,310 per kg.

Overseas gold ended little higher on Friday at $1,566 an ounce on Comex division of New York Mercantile Exchange (NYME).

Markets may remain range-bound today in the absence of any major cues from global economy.

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Read more about: gold, silver, mcx, futures
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