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Gold declines marginally on global cues

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Gold declines marginally on global cues
After recovering a bit on Tuesday, gold again turned bearish after US dollar retrieved strength against a basket of currencies.
 

Gold for delivery in October at the Multi Commodity Exchange opened high at Rs 26,244 per 10 grams and was trading in the range of Rs 25,970 – Rs 25,972 per 10 grams, down by 1% at 11:25 am IST.

And, the metal for April contract delivery opened at Rs 26,727 per 10 grams was trading in the range of Rs 26,760 – Rs 26,826 per 10 grams same time.

Dollar seen high against the major currencies on dismay that Europe may not to succeed to overcome debt-crisis.

Greece, Portugal, Italy and Spain are in the spiral of fiscal deficits, though European leaders are working to save these nations but investors are speculating that funds may go inadequate to prevent the crisis as European leaders sent mixed messages on Monday.

Gold internationally also fell in morning trade, was seen trading at $1,634.

GoodReturns.in

Read more about: gold mcx dollar europe
Story first published: Wednesday, September 28, 2011, 11:46 [IST]
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