Gold, silver inches up on MCX

Business

oi-Sneha

By Sneha B K

Published: Friday, March 2, 2012, 15:05 [IST]

Gold futures edged higher on Friday tracking positive global cues. On the Multi Commodity Exchange (MCX), gold for April delivery was trading at Rs 27,985 up Rs 60 at 2.40 pm IST and had touched an intraday high of Rs 28,057 per 10 grams.

Weak rupee is also boosting demand for gold. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Spot gold on MCX rose and was seen trading at Rs 27,761, while spot silver rose and was seen trading at Rs 58,645 per kgs.

Silver for March delivery was trading up by Rs116 at Rs 58,448 and touched intraday high of Rs 59,376 per kgs.

Domestic gold of 99.9 and 99.5% fell to Rs 28,140 and Rs 28,800 per 10 grams, respectively.

The fall in gold price have excited investors to stock more gold as marriage season is still on.

US spot gold was seen lingering at $1,715 an ounce.

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