Gold glitters on Obama re-election

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Gold glitters on Obama re-election
Overseas gold surged on Wednesday after Barack Obama won the re-election, as investors hoped that monetary stimulus uschered under Obama would continue.

Analysts believe that the Federal Reserve will stick to its policies, of easy money through quantitative easing, which will boost gold sentiments. Also, it will weaken dollar which will again push gold higher.

International gold rose and was seen trading higher at $1,728 an ounce.

As per reports from Bombay Bullion Association gold imports may fall to 550 tonnes in next year.

In India, gold futures for December delivery on the MCX was trading at Rs 31,289 per 10 grams at 1.40 pm IST.

Silver futures for December delivery on MCX erased morning gains and was seen lower by Rs 58 at Rs 59,852 per kgs.

Demand for gold in India always goes up during the festive season. Dealers have been building stock of gold ahead of the Diwali and Dhanteras as they expect demand to go up further.

In Delhi gold of 99.9% purity rose and was seen at Rs 31,700 per 10 grams and gold of 99.5% was seen at Rs 30,500 per 10 grams respectively.

Physical buying seems to be active as consumers are buying gold ahead of their religious festival.

Read more about: gold, mcx, silver
Story first published: Wednesday, November 7, 2012, 14:11 [IST]
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