Gold prices rise for the second day on hopes of ECB rate cut

Posted By: Religare
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Gold prices rose for the second day on Thursday in spite of a strong dollar as investors were optimistic regarding the precious metal's appeal prior to an expected rate cut by the European Central Bank which is likely to boost liquidity. Gold futures for August 2012 contract, at MCX, were trading at Rs. 29,694 per 10 grams, up by 0.42 per cent after opening at Rs. 29,599 against the previous closing price of Rs. 29,571. It touched the intra-day high of Rs. 29,699 till the trading. (At 11.34 AM today).

Moreover, investors keep an eye on the ADP employment report and the weekly jobless claims figure from the United States later in the day which will state whether Federal Reserve will introduce fresh quantitative easing measures.

At the Commodity Exchange (COMEX), gold future for August 2012 delivery traded at US$1,615.1 per ounce, down by 0.41 per cent due to strong dollar. It opened at US$1,617.6 against the previous closing price of US$1,621.8. It touched the intra-day low of US$1,611.6. (At 11.37 am IST).

Story first published: Thursday, July 5, 2012, 13:30 [IST]
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