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Gold rises for fifth consecutive day; up by 0.13% on weak dollar

By Religare

Gold rises for fifth consecutive day on weak dollar
Gold prices rose for the fifth day on Friday on the domestic markets as the U.S. dollar weakened against major currencies due to a better than expected Chinese manufacturing data and hopes that a bailout deal for Greece may ultimately be agreed.

Gold futures for December 2012 contract, at MCX, were trading at Rs. 31,890 per 10 grams, up by 0.13 per cent after opening at Rs. 31,868 against the previous closing price of Rs. 31,849. It touched the intra-day high of Rs. 31,897 till the trading.

Prices also rose as Spain's borrowing costs declined at an auction of three and five-year government debt, as expectations for an imminent deal on an aid payment for Greece supported sentiment.

Moreover, a weaker dollar makes gold cheaper for those holding other currencies, thus increasing demand. The U.S. dollar index, a measure of the value of the United States dollar relative to a basket of foreign currencies, was trading 0.06 per cent lower at 80.651 on the Inter-Continental Exchange (ICE).

At the Commodity Exchange (COMEX), gold future for December 2012 delivery traded at US$1,728.9 per ounce, up by 0.4 per cent. It opened at US$1,729.1 against the previous closing price of US$1,728.2. It touched the intra-day high of US$1,732.5.

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