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Gold gives up the rally, steadies on Friday


Gold gives up the rally, steadies on Friday
After sitting on a rally ride, gold steadied on Friday as investors await results of the US job report, which plays an important role to know the health of world's biggest economy.

International spot gold was seen trading in the range of US $1,744 - $1, 745 an ounce.


Gold advanced on Wednesday and Thursday after the news came that world's major central banks have decided to support euro zone by providing cheaper dollar loans to European banks to stem debt crisis. But the news couldn't sustain euphoria among the investors.

Investors are hoping that US will come out with better-than-expected non-farm payroll job data, which could again drive dollar up and gold down.

Back to India, the gold has lost its charm among the physical buyers due to its 'pricey' tag after the end of festive season. Physical demand may pick up in India once the prices correct a bit.

On the Multi Commodity Exchange, December gold contract seen steady at Rs 28,952 per 10 grams at 12:20 pm IST. It opened at Rs 28,968 per 10 grams.

Metal for February contract opened at Rs 29,187 per 10 grams and was trading in the range of Rs 29,204 – Rs 29,205 per 10 grams.

Read more about: gold mcx futures dollar
Story first published: Friday, December 2, 2011, 12:25 [IST]
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