Gold shines on Spain bailout package

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Gold shines on Spain bailout package
Precious-metals shine more during the times of uncertainties but one should also keep in mind their inverse relationship with US Dollar. On Multi Commodity exchange gold futures for immediate delivery rose by Rs 63 to trade at Rs 29,607 per 10 grams at 1.45 pm IST.

The Spanish government was seeking a financial assistance from the euro zone which has now agreed to provide a 100 billion-euro (USD 125 billion) bailout package. Spain will be the fourth largest country to seek rescue from the euro zone.

Weakness in dollar against other major currencies further boosted the sentiment. However, investors eye on the Greek elections which is held on June 17 and Federal reserve meet on June 19-20 for the further direction.

International spot gold was seen trading at US $1,596 an ounce. Gold futures for October 2012 contract, at MCX, were trading at Rs. 29,960 per 10 grams, up by 0.22% after opening at Rs. 29,549 against the previous closing price of Rs. 29,544. It touched the intra-day high of Rs. 30,010 per 10 grams.

Domestic bullion prices gold of 99.9 and 99.5% purity was seen at Rs 29,955 and Rs 29,755 per 10 grams, respectively.

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