International gold steady ahead of US Presidential elections

Business

oi-Sneha

By Sneha B K

Published: Tuesday, November 6, 2012, 14:25 [IST]

Overseas gold was seen trading steady ahead of US election results. The bullion may witness a rally if Obama sees victory, as he is largely supports monetary stimulus measures iniatited by the Federal Reserve.

International gold was seen trading at $1686 an ounce.

In India, gold futures for December delivery on the MCX was trading at Rs 30883 per 10 grams at 2.00 pm IST.

Silver futures for December delivery on MCX was marginally higher by Rs 27 at Rs 58,601 per kgs.

In Delhi gold of 99.9% purity rose and was seen at Rs 31,150 per 10 grams and gold of 99.5% was seen at Rs 30,950 per 10 grams.
Investors buy gold on the belief that it will holds its value well when the outlook for other assets is less rosy.

Buying sentiment is set to increase in India due to festival season and upcoming wedding seasons.

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