Gold shines, silver loses sheen

Business

oi-Sneha

By Sneha B K

Published: Monday, March 12, 2012, 16:11 [IST]

Gold futures rose on Monday by Rs 43, whereas silver lost Rs 190 on the Multi Commodity Exchange (MCX). At 02. 45 pm IST, gold for April delivery on the MCX was trading at Rs 28,025 per 10 grams up Rs 43 after touching an intraday high of Rs 28,084 per 10 grams.

A Weak rupee is also boosting demand for gold, as the currency plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars. June contract was trading at Rs 28,447 per 10 grams, up Rs 88.

Silver for May delivery on MCX was trading lower by Rs 190 at Rs 58,862 per kgs. MCX spot gold rose and was seen trading at Rs 27,862 per 10 grams, while spot silver fell to Rs 57,759 per kg.

US spot gold was seen hovering at $1,705 an ounce. Gold fell for the first time in four days on concerns over China's economy and the dollar strength exhibited against major currencies.

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