Gold seen up by Rs 500 as demand resurfaced

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Gold seen up by Rs 500
After trading low yesterday, gold again seen moving up in today"s trade following international markets.

At the Multi Commodity Exchange, gold for delivery in October opened high at Rs 27,830 per 10 grams, and was trading in the range of Rs 27,747 – Rs 27,750 per 10 grams around 12:14 pm IST.

Similarly, the metal for December contract delivery opened at Rs 28,320 per 10 grams, and was trading in the range of Rs 28,321 – Rs 28,345 per 10 grams.

US Gold futures on Friday closed 1% higher as it"s safe haven demand resurfaced among the investors.

Trading sentiment turned positive after gold rose in the global markets as concerns about Europe"s debt mess soared demand for the precious metal as an alternate asset.

Silver for December delivery on MCX opened at Rs 64,675 per kg and faltered little later, was trading in the range of Rs 64,468 – Rs 64,477 per kg same time.

Read more about: gold, mcx, economy, europe
Story first published: Saturday, September 17, 2011, 13:15 [IST]
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