Gold inches up on stimulus expectation

Business

oi-Sneha

By Sneha B K

Published: Wednesday, January 16, 2013, 14:39 [IST]

Overseas spot gold rose and was seen trading firm on Wednesday on hopes that Federal Reserve Chairman Ben Bernanke will continue bond buying measures to boost sagging global economy.

International gold was seen trading at $1,680 an ounce.

While, gold on the Multi Commodity Exchange was seen trading flat at Rs 30,875 at 2.25 pm IST.

In India, the rise in gold future prices prompted investors to book profits.

MCX silver futures were trading lower, silver for March delivery was seen trading at Rs 59,345 per kg, lower by Rs 114.

Spot gold on MCX was seen higher at Rs 30,726 per 10 grams. Delhi spot gold of 99.9 and 99.5% purity was at Rs 31,325 and Rs 31,125 per 10 grams, respectively.

Gold for long has been considered a hedge against inflation and also yielded the best returns during the times of uncertainties. Many investors still feel it is one of the best bets in uncertain times.

GoodReturns.in