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Gold, silver, crude rises on strong cues from India and China

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Gold, silver, crude rises on strong cues from India and Chin
The commodities which generally move in similar direction rose on Tuesday on better-than-expected December manufacturing data from China and India.

All three commodities i.e. gold, silver and crude oil were seen up in the morning trade. On currency side, euro edged up against the basket of currencies.

 

Gold futures on Multi Commodity Exchange (MCX) for February delivery opened high at Rs 27,448 per 10 grams and edged up by Rs 150 during the initial part of the trade. The metal was seen trading in the range of Rs 27,581 – Rs 27,582 per 10 grams at 12:10 pm IST.

Domestic bullion prices also recovered, 24 carat gold stood at Rs 27,380 per 10 grams while 22 carat gold at Rs 25,600 per 10 grams.

US spot gold was seen hovering in the range of $1,588 - $1,589 a troy ounce.

Gray metal, silver also rose on Tuesday over the positive sentiments. On MCX, silver futures for March delivery were up by Rs 500 per kg at the same time. It crossed Rs 52,000 – mark and were seen trading at Rs 51-993 – Rs 52,005 per kg.

Crude oil, which generally move in a same direction also followed the suit. Nymex Crude futures were seen up at $100.73 per barrel, while spot Brent crude was up at $108.66 per barrel.

Dollar seen losing ground against major currencies as positive manufacturing data from China and India stole the audience of the day. The partially convertible Indian Rupee rose against US dollar by 17 paise on Interbank Foreign Exchange.

GoodReturns.in

Story first published: Tuesday, January 3, 2012, 12:44 [IST]
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