Gold trading higher on hopes of monetary easing

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Gold trading higher on hopes of monetary easing
International gold inched higher on Tuesday on hopes of further easing across the globe, after weak manufacturing reports from the US. International spot gold was seen trading at US$1,608 an ounce.

US manufacturing data contracted for the first time in three years due to reduced orders, fueling more to the present condition in the economy.

On the Multi Commodity Exchange, gold for August delivery was trading lower by Rs 115 as investors preferred to book profits. MCX gold was seen trading at Rs 29,545 at 2.30 pm IST. Ahmedabad spot gold was seen trading at Rs 29, 429 per 10 grams due to sluggish physical demand in India.

Silver contract for July delivery on MCX was seen trading higher by Rs167 at Rs 52,310 per kgs.

Movement in gold has been lacklustre recently due to volatility in the rupee, as the rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

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