Gold rises with global uncertainty alarm

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Gold rises with global uncertainty alarm
Gold in India rose on Tuesday as investors preferred to offload their positions into yellow metal tracking their global peers.

Gold for December delivery on MCX opened high at Rs 28,490 per 10 grams and was seen trading in the range of Rs 28,550 – Rs 28,563 per 10 grams. It touched a high of Rs 28,575 in an early hours of the trade.

While, gold for February delivery was up by 0.48% and was seen trading at Rs 28,868 – Rs 28,869 per 10 grams.

The recent jump in the prices of gold is seen after six weeks with the return of investors' insecurity about the other investment assets.

On the Euro zone front, Greek Prime Minister decided to quit after creating a new government to get a bailout package.

The political instability in the euro zone's third largest economy, Italy continues, where Prime Minister Silvio Berlusconi withstood pressure to resign.

International gold prices were seen trading in the range of US $1,791.68 an ounce.

Read more about: gold, mcx, europe, greece, italy
Story first published: Tuesday, November 8, 2011, 11:59 [IST]
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