Gold gains ahead of Bernanke report and weak dollar

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Gold gains ahead of Bernanke report, weak dollar
Precious metals gained on Tuesday ahead of Federal Reserve Chairman Ben Bernanke's Congressional testimony, which is likely to offer clues on whether the US central bank will introduce measures on monetary stimulus.

US Federal Reserve Chairman Ben Bernanke will present his semi-annual monetary policy report to Congress, which is to be held later today and tomorrow. Investors are cautious whether Ben Bernanke will hint at quantitative easing while testifying before Congress, which will decide the direction of precious metals and other commodities.

The sentiment for the yellow metal was also boosted by the fall in US dollar due to its inverse relationship with the greenback.

At 2.30 pm IST, the gold for August delivery on the Multi Commodity Exchange (MCX) was trading at Rs 29,394. It opened at Rs 29,306 per 10 grams.
On domestic front, gold of 99.9 and 99.5% purity rose marginally and was at Rs 29,770 and Rs 29,570 per 10 grams, respectively.

MCX spot gold was trading at Rs 29,260 per 10 grams, while spot silver rose to Rs 51,746 per kg.

While, silver for September delivery on MCX opened at Rs 52,793 per kg and was trading at Rs 53,025 higher 0.53%.

US spot gold was seen at $1,596 an ounce.

Read more about: gold, silver
Story first published: Tuesday, July 17, 2012, 14:54 [IST]
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