Gold trading flat during the day

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Gold trading flat during the day
Gold trading flat in today's trade as investors sidelined themselves amid deadlock between the United States President Barack Obama and House Republicans over breaking the debt-ceiling.

The most traded commodity gold for August delivery on MCX opened at Rs 23,070 per 10 grams and was trading between Rs 23,113 – Rs 23,115 per 10 grams around 4:35 p.m. IST.

In the United States, some fiscally hardline Republican lawmakers blocked a budget deficit plan proposed by their own congressional leaders on Thursday, and delayed an emergency meeting to Friday, in a further obstacle in efforts to avert a debt default ahead of an Aug. 2 deadline to raise the country's debt ceiling, as reported by Reuters.

Investors have kept their eyes open till August 2, if U.S. doesn't take any action on lifting debt-ceiling, then there is scope for some upward correction from where we are now.

The precious metal is up 13.6% so far this year.

OneIndia Money

Read more about: gold, mcx, obama
Story first published: Friday, July 29, 2011, 16:44 [IST]
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