Gold rates higher as Bernanke calms markets

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, July 18, 2013, 11:13 [IST]

Gold inched marginally higher after Federal Reserve Chairman Ben Bernanke said that the Fed's policy was not on a preset course.

Gold on the MCX was trading marginally higher tracking international prices which were steady after Bernanke's comments.

MCX Gold for July was up marginally by Rs 136 at Rs 26,483 on the MCX. Silver for September delivery on the other hand was marginally up by Rs 84.

Gold has exhibited a more steady trend and largely looks to statements from the Federal Reserve on quantitative easing. The longer the Federal Reserve keeps its easing programme going, the better it would be for gold prices.

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