International gold inches up; physical buying supports

Business

oi-Sneha

By Sneha B K

Published: Wednesday, May 8, 2013, 11:57 [IST]

International gold inched up on Wednesday supported by physical demand in China and Asian Countries. However, gain in equities could weigh the yellow metal sentiment. Spot gold was seen at $1,454 an ounce.

Gold may continue to be under pressure as there is still continuous liquidation in ETFs.

Domestically, gold futures recovered yesterday's fall and was seen trading flat at Rs 26,765 on the Multi Commodity Exchange at 11.45 am IST.

Silver futures for latest delivery was seen trading marginally down at Rs 44,803 per Kg on the MCX.

Traders are expecting to see a rise in physical demand as the gold buying festival Akshaya Tritiya is nearing, as it is considered auspicious to buy gold on that day.

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