Gold inches up on MCX; silver flat

Business

oi-Sneha

By Sneha B K

Published: Wednesday, October 10, 2012, 14:26 [IST]

Gold futures inched up on the Multi Commodity Exchange with gold futures for December contract at Rs 31,390 per 10 grams, higher by 0.22% at 02.10 pm IST.

MCX silver futures slipped and was trading at Rs 61,671 per kg. It touched intra-day low of Rs 61,562 per kg.

Delhi spot gold of 99.9% and 99.5% purity also rose and was seen at Rs 31,750 and Rs 31,550 per 10 grams, respectively.

Physical demand in India is expected to pick up on account of the upcoming Dussehra, Diwali festivals.

Overseas gold was steady and was seen trading at US$ 1,763 an ounce. Dollar strengthened against major currencies due to gloomy outlook for global growth.

Gold and dollar share an inverse relationship with each other and the recent rise in dollar has weighed on gold.

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