Gold gains ahead of festive season; silver drops on MCX

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Gold gains ahead of festive season; silver drops on MCX
Gold futures rose on Monday by Rs 65, whereas silver lost Rs 116 on the Multi Commodity Exchange (MCX).

At 2.10 pm IST, gold for December delivery on the MCX was trading at Rs 31,087 per 10 grams up Rs 65 after touching an intraday high of Rs 31,104 per 10 grams.

While, February 2013 contract was trading at Rs 31,450 per 10 grams up Rs 61.

Domestically, gold price rose tracking strong global cues as speculators created fresh positions. Delhi spot gold of 99.9% and 99.5% purity rose and was seen at Rs 31,500 and Rs 31,300 per 10 grams, respectively.

Silver futures for December delivery on MCX was trading lower by Rs 116 at Rs 59,587 per kgs.

MCX spot gold rose and was seen trading at Rs 30,895 per 10 grams, while spot silver was at Rs 59,003 per kg.

US spot gold was seen hovering at $1,712 an ounce. Gold inched up on Monday after strong US economic data lifted sentiments. However, firmness in the dollar may weigh on the yellow metal.

Investors await for the US payroll data, which is on Friday for further directions.

Read more about: gold, silver, mcx, futures
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