Gold prices soar; regain Rs 30,000 levels

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Gold prices soar; regain Rs 30,000 levels
Gold has again grabbed the attention from investors globally as the impending economic mess, has once again made gold a better and less riskier investment bet.

Sentiments improved further today on reports that the U.S. Federal Reserve is likely to take new steps to boost U.S. economic growth.

Prices also rose as the dollar fell against other major currencies in turn sending gold prices rising. International gold was seen trading at $ 1,588 an ounce.

In the domestic bullion market, gold of of 99.9 and 99.5% purity rose marginally and was at Rs 30,160 and Rs 29,960 per 10 grams, respectively

MCX gold futures rose in line with overseas markets. Gold futures for August delivery contract on MCX opened at Rs 29,600 per 10 grams and was seen trading at Rs 29,705 higher by Rs 137.

The gold futures contract for October delivery contract was trading higher by Rs 140 at Rs 30,0071 per 10 grams at 2.20 pm IST.

Spot gold was seen trading higher at Rs 29,628 per 10 grams.

Read more about: gold, mcx, futures
Story first published: Wednesday, July 25, 2012, 14:39 [IST]
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