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Gold continues upward momentum; trades above Rs 30,500
Speculators enlarged positions after the yellow metal surged to nearly three-month highs in overseas market as a weaker dollar increased its appeal as an alternative investment. International spot gold was seen trading at $ 1,644 an ounce.
International gold edged higher on hopes that the European Central Bank would soon take action to handle the euro zone debt crisis
Gold on MCX for October delivery opened higher at Rs 30,350 per 10 grams and was seen trading at Rs 30,417 per 10 grams higher by Rs 99 at 1.40 pm IST.
Gold for December contract delivery also rose by Rs 116 and was seen trading at Rs 30,765 per 10 grams.
MCX silver futures edged up by Rs 274 per kg, while silver for March delivery was seen trading at Rs 55,514 per kg.
Spot bullion was seen trading higher at Rs 30,256 per 10 grams. Delhi spot gold of 99.9 and 99.5% purity was at Rs 30,745 and Rs 30,545 per 10 grams, respectively.
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