India gold rallies on the fall of domestic equities

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India gold rallies on the fall of domestic equities
Gold futures on the Multi Commodity Exchange rallied on Thursday as the fall in domestic equities boosted the demand for the yellow metal as safe-haven investment.

At 12:15 pm IST, the gold for December delivery contract was trading in the range of Rs 29,320 – Rs 29,323 per 10 grams.

While the metal for February contract was up by 0.23% and was seen trading at Rs 29,618 per 10 grams.

Domestic equities fell on the bourses on profit-booking ahead of EU summit as traders remained cautious about the outcome of the summit. They dumped shares on fears that European leaders may not be able to curb the euro zone crisis.

At 12:20 pm, the benchmark Sensex at 16,562, down by 314 points while the NSE Nifty at 4,962 points, down 100 points.

Domestic bullion prices also registered a rise with 24 carat gold seen at Rs 29,060 per 10 grams and 22 carat gold at Rs 27,170 per 10 grams.

International spot gold seen steady at US$ 1,738 a troy ounce.

Read more about: gold, futures, mcx, commodity, investment, equities
Story first published: Thursday, December 8, 2011, 12:30 [IST]
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