Gold rises on weak dollar, good physical buying activity

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Gold prices rose by 0.42 per cent on Friday at the domestic markets as weaker greenback makes gold cheaper for those holding other currencies, thus increasing demand.

The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, was trading 0.20 per cent higher at 82.616 on the Inter-Continental Exchange (ICE) at 11.35 am IST.

Gold futures for August 2013 contract, at MCX, were trading at Rs. 26,769 per 10 grams, up by 0.42 per cent after opening at Rs. 26,700 against the previous closing price of Rs. 26,658. It touched the intra-day high of Rs. 26,814 till the trading. (At 11.28 AM today).

Sentiment improved further as a result of physical buying activity in Asia, especially Japan and China.

At the Commodity Exchange (COMEX), gold future for August 2013 delivery traded at US$1,290.4 per ounce, up by 0.48 per cent. It opened at US$1,282.4 against the previous closing price of US$1,284.2. It touched the intra-day high of US$1,293.9. (At 11.30 am IST).

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Story first published: Friday, July 19, 2013, 13:10 [IST]
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