Gold, silver edge higher on MCX

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Gold, silver edge higher on MCX
Gold, silver futures edged higher on the Multi Commodity Exchange (MCX) today.

International gold dropped more than 1% on Friday weighed by strengthening in dollar and sustained selling in gold ETF added further.

As per Kitco News Gold Survey, of those 25 participants, eight see prices up, while 11 see prices down and six see prices moving sideways or are neutral.

Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

At the Multi Commodity Exchange (MCX), gold for delivery in June, moved higher by Rs 146 to Rs 26,989 per ten grams as against its previous close of Rs 26,636.

Similarly, silver for delivery in July was higher by Rs 206 to Rs 45,264 per kg compared to Rs 45,268 on Friday.

Gold buying activity is expected to pick up in India due to upcoming Akshaya Tritiya which falls on May 13. As people believe in buying gold on that day as it is considered auspicious.

Read more about: gold, futures, mcx
Story first published: Saturday, May 11, 2013, 13:21 [IST]
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