Gold and Silver rises on euro debt concerns

Published: Wednesday, October 12, 2011, 13:19 [IST]

Gold and silver prices spurred on Wednesday on burgeoning worries about the Euro zone crisis. Gold added over Rs 100 and Silver rose over Rs 300 in initial part of the trading session.

Europe under the tussle to find out the solution for its sovereign-debt crisis. The parliament of Slovakia stepped against the expansion of Euro rescue fund, the fund to support struggling European nations. The news raised concerns among the global investors and stroke the demand for precious metals yet again.

International gold prices were seen trading in the range of US $1,674 - $1,675 per ounce.

Indian traders also followed the footsteps of international traders and began increasing their exposure towards precious metals on its safe-haven appeal.

The most actively traded gold contract, for December delivery opened high at Rs 26,746 per 10 grams and was trading in the range of Rs 26,880 – Rs 26,887 per 10 grams at 1:15 pm.

And, the metal for February contract delivery opened at Rs 26,986 per 10 grams was trading in the range of Rs 27,138 – Rs 27,150 per 10 grams same time.

On domestic front, 24 carat gold was at Rs 26,780 per 10 grams and 22 carat gold was at Rs 25,040 per 10 grams.

While, Silver for delivery in December at the Multi Commodity Exchange, opened at Rs 53,450 per kg and was trading in the range of Rs 53,700 – Rs 53,704 per kg.

GoodReturns.in

Story first published: Wednesday, October 12, 2011, 13:19 [IST]

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