Gold inches up on firm global cues

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Gold inches up on firm global cues
Gold edged higher on Tuesday after falling in previous sessions tracking firm global cues. International gold was seen trading at $1,676 an ounce.

Domestically, gold futures were seen trading marginally higher. Gold futures for February contract 2012, on the Multi Commodity Exchange was trading at Rs 30,867 per 10 grams at 2.30 pm IST.

Silver futures for December delivery on MCX was trading lower by Rs27 at Rs 57,837 per kgs.

India gold futures rose in morning trade as speculators created fresh positions on back of form global trend and hopes of positive outcome of fiscal cliff.

As per latest reports, the White House and congressional lawmakers have reached a deal to avoid the "fiscal cliff" which would delay spending cuts by two months.

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.

Read more about: gold, mcx, futures
Story first published: Tuesday, January 1, 2013, 14:41 [IST]
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