Gold prices rise by 0.19% amid euro zone debt crisis

Posted By: Religare
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Gold prices rise by 0.19% amid euro zone debt crisis
Gold prices rose on Friday as investors remained nervous over the euro zone debt crisis and sought safety in bullion, while a firm dollar weighed on sentiment. Gold futures for February 2012 contract, at MCX, were trading at Rs. 27,875 per 10 grams, up by 0.19% after opening at Rs. 27,830 against the previous closing price of Rs. 27,821. It touched the intra-day high of Rs. 27,880 till the trading. (At 10.12 AM today).

At the Commodity Exchange (COMEX), gold future for February 2012 delivery traded at US$1,625 per ounce, up by 0.30%. It opened at US$1,622.4 against the previous closing price of US$1,620.1. It touched the intra-day high of US$1,628.9. (At 10.15am IST).

Gold is the oldest precious metal known to man and for thousands of years it has been valued as a global currency, a commodity, an investment and simply an object of beauty.

Some of the worlds gold markets are OTC markets at London (LBMA), New York and Zurich, Gold derivative exchanges at New York; CME (COMEX), Tokyo (TOCOM) and Mumbai (MCX) while Istanbul, Dubai, Hong Kong and Singapore are doorways to important consuming regions.

Dion Global Solutions Ltd

Read more about: gold, mcx, futures, euro zone, debt crisis
Story first published: Friday, January 6, 2012, 13:30 [IST]
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