Gold, silver rises as dollar weakens

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Gold, silver rises as dollar weakens
Gold with other commodities edged higher on Thursday. The metal was supported by the fall in US dollar due to its inverse relationship with the greenback.

With rising concerns over global economy, the demand for safest haven moving up. Gold advanced in today's trade as dollar weakened against basket of currencies. International gold was seen trading at $1,580 an ounce.

At the Multi Commodity Exchange, gold for August delivery rose by Rs 85 to Rs 29,224 per 10 grams at 2.20 pm IST.

Similarly, the metal for October contract delivery was seen trading at Rs 29,596 per 10 grams. While, silver for September delivery on MCX opened at Rs 52,745 per kg and was trading at Rs 52,965 per kgs higher by Rs 269

Spot gold was seen at Rs 29,156 per 10 grams. Domestic bullion of 99.9 and 99.5% purity rose marginally and was at Rs 29,680 and Rs 29,480 per 10 grams, respectively.

Read more about: gold, silver, dollar
Story first published: Thursday, July 19, 2012, 14:25 [IST]
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