India gold rally continues; record high at Rs 31,980

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India gold rally continues; record high at Rs 31,980
India gold rally continued and touched new high on strong buying by stockists. Domestically, Delhi gold of 99.9% and 99.5% purity climbed by Rs 130 each to Rs 31,980 and Rs 31,780 per 10 grams, respectively.

On the Multi Commodity Exchange, gold futures for October 2012 contract, was trading higher at Rs 31,473 per 10 grams at 4.22 pm IST.

Gold for December contract was even more bullish, trading higher at Rs 31,848 per 10 grams.

Sentiment lifted as weak US economic data raised hopes of further monetary easing by the Federal Reserve, which will boost the demand for the yellow metal, as it is considered hedge against the inflation.

Investors, will keep an eye on the Federal Reserve meeting on September 12-13 as they are hoping for another round of QE announcement from Ben Bernanke. International gold was seen trading around US$1,691 an ounce.

However, gold demand in India will remain dull as investors are shying away from (buying) as they wait for prices to come down

Read more about: gold, silver
Story first published: Wednesday, September 5, 2012, 16:30 [IST]
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