Gold trades firm tracking overseas trend

Business

oi-Sneha

By Sneha B K

Published: Wednesday, January 23, 2013, 14:50 [IST]

Continuing its winning streak gold rose for third consecutive day on the Multi Commodity Exchange. International gold surged to near one month high.

However, the metal struggled to attract fresh buyers as investors opted for other riskier assets, including equities. International gold was seen trading at $1,692 an ounce

Gold futures for February contract on the MCX were seen trading firm at Rs 30,805 per 10 grams at 2.10 pm IST.

Silver futures was trading at Rs 59,777, marginally higher by Rs 160 per kgs on the MCX.

Delhi spot gold of 99.9 and 99.5% purity was at Rs 31,385 and Rs 31,185 per 10 grams, respectively.

The appreciation in Indian rupee also boosted the movement, as any rise in the rupee will make imports of commodities cheaper. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

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