Gold prices rise on successful Spanish bond sale, German investor confidence

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Gold rises on Spanish bond sale, German investor confidence
Gold prices rose on Wednesday after a successful Spanish debt auction eased fears about the euro zone debt crisis. Gold futures for June 2012 contract, at MCX, were trading at Rs. 28,543 per 10 grams, up by 0.21 per cent after opening at Rs. 28,502 against the previous closing price of Rs. 28,482. It touched the intra-day high of Rs. 28,544 till the trading.


Sentiment improved further as a German ZEW survey of analyst and investor confidence unexpectedly rose in April to its highest level since June 2010, suggesting Europe's largest economy may be recovering from a weak spell. German economic sentiment improved by 1.1 points to 23.4 in April from March's reading of 22.3.

At the Commodity Exchange (COMEX), gold future for June 2012 delivery traded at US$1,652.9 per ounce, up by 0.06 per cent. It opened at US$1,650.8 against the previous closing price of US$1,651.1. It touched the intra-day high of US$1,654.3. (At 10.50 am IST).

However, gains were restricted as the euro remains under pressure ahead of a longer-term debt sale in Madrid later this week.

Read more about: gold, mcx
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