Gold prices rose on Tuesday, encouraged by revived risk appetite that lifted markets across the board, after China announced better than expected economic growth in the last quarter of 2011. Gold futures for February 2012 contract, at MCX, were trading at Rs. 27,554 per 10 grams, up by 0.25% after opening at Rs. 27,519 against the previous closing price of Rs. 27,484. It touched the intra-day high of Rs. 27,569 till the trading. (At 10.44 AM today).
At the Commodity Exchange (COMEX), gold future for February 2012 delivery traded at US$1,659.2 per ounce, up by 1.74%. It opened at US$1,635.8 against the previous closing price of US$1,630.8. It touched the intra-day high of US$1,659.8. (At 10.48am IST).
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.
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.