Gold rally fizzles out; trades steady

Business

oi-Sneha

By Sneha B K

Published: Friday, July 27, 2012, 15:14 [IST]

Gold was trading steady today after surging on Thursday, following comments from European Central Bank President Mario Draghi that policy makers would do whatever is needed to keep the euro zone together.

International gold was seen hovering around $1,621 an ounce.

MCX gold futures rose in line with overseas markets. Gold futures for August delivery contract on MCX opened at Rs 29,765 per 10 grams and was seen trading at Rs 29,820 higher by Rs 27.

On the domestic bullion market, gold of of 99.9 and 99.5% purity was at Rs 30,300 and Rs 30,100 per 10 grams, respectively.

The gold futures contract for October delivery contract was trading higher by Rs 24 at Rs 30,197 per 10 grams at 2.50 pm IST.

Spot gold was seen trading at Rs 29,758 per 10 grams.

Gold investors and buyers would keenly watch the ECB meet scheduled for early next week. Any hints of easing measures could spark a rally in precious commodities.

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