Gold flat ahead of Greek elections

Business

oi-Sneha

By Sneha B K

Published: Saturday, June 16, 2012, 13:32 [IST]

Gold futures on Saturday were seen trading flat ahead of Greek elections, which is held tomorrow. Investors across the globe have crossed their fingers ahead of the elections. The outcome of the election may decide the movement of the yellow metal and other assets.

However, investors eye on Fed Reserve meet next weak hoping for further monetary easing, which will be bullish for gold demand, given that the precious metal is considered a hedge against the inflationary risk of monetary stimulus.

Gold on MCX for August delivery was seen trading at Rs 30,131 per 10 grams up Rs 6.
Similarly, the metal for October contract delivery was at Rs 30,343 per 10 grams at 1.20 pm IST.
On Domestic bullion, with gold of 99.9 and 99.5% purity was seen at Rs 30,370 and Rs 30,570 per 10 grams, respectively.

While, silver for July delivery on MCX was trading marginally lower at Rs 54,526 down Rs 28.

International spot gold hovered around US$ 1,627 an ounce.

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