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International gold surges on monetary hopes

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Published: Thursday, July 26, 2012, 14:54 [IST]

International gold surges on monetary hopes

Overseas spot gold rose on Thursday and was seen trading around $1,605 an ounce as investors hoped for the monetary easing from central banks to boost a sagging global economy.

On Wednesday, spot gold rose nearly 2% to a three-week high on speculation of further monetary stimulus by Central Banks around the globe.

However, India gold futures reversed previous day's gains, as profit booking was seen in futures trade due to rise in price.

On the Multi Commodity Exchange (MCX), gold futures for August delivery contract on MCX opened at Rs 29,801 per 10 grams and was seen trading at Rs 29,790 lower by Rs 45.

Analysts said profit-bookings by speculators at prevailing higher levels mainly led to the fall in gold prices at futures trade.

Gold of 99.9 and 99.5% purity rose marginally and was at Rs 30,310 and Rs 30,110 per 10 grams, respectively.

Spot gold was seen trading at Rs 29,803 per 10 grams. While, silver was seen trading at Rs 52,402 per kgs.

GoodReturns.in

Topics: gold, futures, mcx
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