Gold futures rise on MCX

Business

oi-Sneha

By Sneha B K

Published: Wednesday, February 15, 2012, 15:05 [IST]

Boosted by hopes of a solution to the Greek economic crisis and a weak dollar, gold rallied on Wednesday. Historically, gold and dollar are inversely related, and the recent slip in dollar has bolsters gold prices.

Spot Gold on MCX rose and was seen trading higher at Rs 27,825 per 10 grams and Silver was trading higher at Rs 55,788 per kg.

On the Multi Commodity Exchange (MCX), gold for April delivery rose Rs 59 or 0.21% to Rs 28,144 at 2.30 pm IST with the commodity touching an intraday high of Rs 28,155. The metal for June contract was up by Rs 56 or 0.20% to Rs 28,500.

Silver for March delivery also rose by Rs 302 or 0.54% at Rs 56,718 and touched an intraday high of Rs 56,758.

US spot gold declined, and was trading in the range of $1,728 an ounce.

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