Gold edges up on weak US data

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Gold edges up on weak US data
Precious metals edged up on Friday with overseas spot gold hovering around $1,584 a troy ounce as investors hoped for further monetary easing after sluggish US data.

However, traders will keep an eye on the German vote on approving the country's part in bailout package for Spanish banks later in the day.

Gold for August contract delivery on MCX opened at Rs 29,185per 10 grams and was trading at Rs 29,236 per 10 grams higher by Rs 78 at 3.10 pm IST, gold for October contract rose by Rs 82 and was seen trading at Rs 29,602 today.

Marketmen said fresh buying by speculators in tandem with a firming global trend mainly led to a rise in gold futures, reports PTI.

Ahmedabad spot gold was seen at Rs 29,145 per 10 grams, while silver was seen at Rs 51,644 per kgs.

MCX silver futures edged up marginally by Rs 12 per kg, silver for March delivery was seen trading above Rs 52,682 per kg same time.

India bullion of 99.9 and 99.5% purity was seen at Rs 29,650 and Rs 29,450 per 10 grams, respectively.

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Read more about: gold
Story first published: Friday, July 20, 2012, 15:17 [IST]
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