Gold gains on hopes of stimulus measures

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Gold gains on hopes of stimulus measures
Gold gained on Tuesday, as investors waited to see if the upcoming data out of Europe and the United States would indicate further weakness in the global economy and prompt the central banks to take further monetary measures.

On the domestic front, gold and silver advanced on the Multi Commodity Exchange (MCX) on Tuesday, with gold for October delivery opening at Rs 30,093 per 10 grams and was seen trading at Rs 30,132 per 10 grams higher by 0.26% at 2.20 pm IST.

MCX silver futures edged up by Rs 209 per kg, while silver for September delivery was seen trading at Rs 53,557per kg.

Spot bullion was lower by Rs 90 and was seen trading at Rs 29,900 per 10 grams.

However, gains in the precious metal were restricted due to subdued demand in the physical market where buyers were on the sidelines waiting for a correction in prices.

Read more about: gold, mcx, futures
Story first published: Tuesday, August 14, 2012, 14:29 [IST]
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