Gold higher on hopes of solution to fiscal cliff

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Gold higher on hopes of solution to fiscal cliff
Overseas gold rose on Monday after US President Barack Obama expressed confidence that he and the Congress would reach a budget agreement which is much more needed to avoid the fiscal cliff.

Last week gold ended 1 % lower on concerns over the US fiscal clif. International gold was seen trading at $1,723 an ounce.

Now, both the parties have agreed on the frame work to rectify the tax code in coming year.

Domestically, gold futures were seen trading flat after trading higher during morning session. Gold futures for December contract 2012, on the Multi Commodity Exchange was trading at Rs 31,638 per 10 grams at 2.18 pm IST.

India gold futures rose in morning tade as speculators created fresh postions on back of form global trend and hopes of solving fiscal cliff.

Silver futures for December delivery on MCX was trading lower by Rs170 at Rs 61,050 per kgs.

Delhi spot gold of 99.9% purity was seen at Rs 32,370 per 10 grams and gold of 99.5% was seen at Rs 32,170 per 10 grams.

Read more about: gold, mcx, futures
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