Gold trades steady at Rs 32,439 per 10 grams

Business

oi-Sneha

By Sneha B K

Published: Monday, November 26, 2012, 15:21 [IST]

Gold futures rose on Monday as spot demand increased in the domestic market, with Gold for December delivery on MCX opened at Rs 32,247 per 10 grams. It was seen trading at Rs 32,439 per 10 grams, higher by Rs 191 or 0.59% around 03.20 pm IST.

However, gains may be curbed as speculators are likely to book profits at higher levels.

Gold futures rose as the rupee dropped against the greenback. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.The depreciation in rupee may hold gold price upwards.

For the coming week Rs 32,450 will act as major resistances level and Rs 31,200 will act as a major support in MCX Gold Dec futures.

International gold dropped from a one-month high despite firm euro, as speculators booked profit. Investors are likely to eye a euro zone meet which is held later today, for a loan for Greece. International gold prices was seen trading at $1.748 an ounce on Monday.

At MCX, silver for December delivery rose and was seen at Rs 63,790 per kgs, higher by Rs 519. Ahmedabad spot gold rose and was seen trading Rs 32,426 per 10 grams.

GoodReturns.in