Gold future spikes as dollar weakens

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Gold future spikes as dollar weakens
Gold price rose on Monday amid mixed global cues and on fresh positions being created by speculators. Gold was also supported by  a fall in the US dollar due to its inverse relationship with the greenback.

International gold surged on renewed hopes of quantitative easing by the Federal Reserve after a string of weak U.S. economic data
On the Multi Commodity Exchange (MCX) for gold for latest delivery was trading at Rs 29,147 at 2.40 pm IST after having reached an intraday high of Rs 29,169 per 10 grams. The precious metal opened at Rs 29,144 per 10 grams.

Spot gold on MCX rose and was seen trading at Rs 29,147 per 10 grams, while silver rose Rs 56,025 per kgs. Overseas spot gold stood at $1,663 a troy ounce.

Weak dollar boosted the sentiment for gold. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Domestically, gold of 99.9 and 99.5 per cent purity rose to Rs 29,450 and Rs 29,590per 10 grams, respectively.

Read more about: gold, futures, mcx
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