For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Gold glitters on US fiscal cliff deal

|
Gold glitters on US fiscal cliff deal
Gold Futures recovered from morning losses and surged more than Rs 200 on the Multi Commodity Exchange as lawmakers in the US agreed on measures to prevent huge tax increases and spending cuts.
 

Gold futures for February 2013 contract, at MCX, was trading at Rs 31,128 per 10 grams, higher by 0.78% or Rs 240 after opening at Rs. 30,870 per ten grams.

Silver Futures were seen trading higher by Rs 445 at Rs 58,363 per kgs on the MCX.

Meanwhile, the government is considering steps to reduce gold import by making it more expensive, Finance Minister P. Chidambaram said on Wednesday.

"Demand for gold must be moderated... We may be left with no choice but to make it more expensive to import gold. The matter is under government consideration," he told reporters in New Delhi.

Gold surged after the fiscal cliff was averted with the House of Representatives approving a Senate passed Bill today. International spot gold rose $7.01 an ounce to $1,681 an ounce after slipping to low of $1.670 an ounce.

Now, the United States will not face tax hikes and spending cuts as which had been due to come into force on Tuesday.

However, the rise in gold may be curbed if there is appreciation in Indian rupee against dollar.

GoodReturns.in

Read more about: gold mcx silver fiscal cliff
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more