Gold edges higher; awaits US election results for cues

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Gold edges higher; awaits US election results for cues
Gold edged higher on Monday after falling in previous sessions, as investors retained their bullish sentiments ahead of the US Presidential elections.

A Mitt Romney win in the US is largely seen as negative, since he is not a big proponent of quantitative easing, which generally propels gold.  

Gold is unlikely to ease too much given that it may receive support at lower levels on account of festive season buying in India.

However, due to the fall in rupee, the physical buying of gold may be moderated as the landed cost of gold is quoted in dollars.

Domestic gold prices was trading flattish, as the rupee weighed on the metal. The prices were seen lowest in Delhi with gold of 99.9% purity at Rs 30,850 per 10 grams and gold of 99.5% was seen at Rs 30,650 per 10 grams.

Gold on MCX for December delivery opened at Rs 30,518 per 10 grams, touched an intraday low of Rs 30,491 and was seen trading at Rs 30,630 10 grams, higher by Rs 132 around 02.10 pm IST.

While, silver futures for December delivery on MCX was trading higher by Rs 245at Rs 57,884 per kgs.

US spot gold rose and was seen trading at $1,674 an ounce.

Read more about: gold, silver, dollar
Story first published: Monday, November 5, 2012, 14:27 [IST]
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