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Gold continues to shine on favourable global cues

Gold continues to shine on favourable global cues
Gold futures continued its winning streak after the fiscal cliff was averted with the House of Representatives approving a Senate passed Bill yesterday.

International gold was seen trading steady at $1,685 an ounce. Precious metals and equities have moved in tandem since the beginning of the year.

The most traded commodity gold for February delivery on MCX opened at Rs 31,018 per 10 grams and was trading at Rs 31,091 per 10 grams around 2.11 pm IST.

Gold is considered as one of the best bets during uncertain times. Some investors are buying gold on the belief that it holds its value well when the outlook for other assets is less rosy.

Delhi spot gold of 99.9 and 99.5% rose and was at Rs 31,400 and Rs 31,200 per 10 grams, respectively.

The appreciation in rupee may weigh on futures sentiment, as the rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Read more about: gold futures mcx
Story first published: Thursday, January 3, 2013, 14:33 [IST]
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