Gold rallies on firm equity cues

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Gold rallies on firm equity cues
India gold rose reflecting firm overseas trend, with gold prices supported by hopes of a further stimulus measures from central banks across the globe.

Japan's economic growth slowed more than expected to an annual rate of just 1.4% (Q2) due to weak global and domestic demand which also increased hopes for more measures.

Back in India, gold on MCX for October delivery opened at Rs 30,073 per 10 grams and was seen trading at Rs 30,163 per 10 grams at 2.40 pm IST.

Similarly, the metal for December contract delivery was seen trading at Rs 30,510 per 10 grams.

MCX spot gold edged higher and was trading at Rs 29,977 per 10 grams, while spot silver fell to Rs 53,191 per kg. Delhi bullion of 99.9 and 99.5% purity was at Rs 30,450 and Rs 30,250 per 10 grams, respectively.

While, silver for September delivery on MCX opened at Rs 53,582 per kg and was trading at Rs 53,613 higher by Rs 123.

Meanwhile, investors wait for the upcoming data the euro zone will release, including preliminary Q2 gross domestic product data tomorrow followed by industrial production figures. The U.S. will release data on retail sales on Tuesday and inflation data on Wednesday.

GoodReturns.in

Read more about: gold, silver, mcx, futures
Story first published: Monday, August 13, 2012, 14:47 [IST]
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