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Gold inches up on weak US jobs data

Gold inches up on weak US jobs data
International gold inched up on Monday, after having fallen to $1,625.79 on Friday, following a Fed minutes of meet report, which dampened hopes of another round of monetary easing.

Gold was seen trading higher on sluggish US jobs data which rekindled hopes of continuing quantitative easing by Central bank to improve the economy. International gold was seen trading at $1,656 an ounce.

Domestically, the most traded commodity gold for February delivery on MCX which opened at Rs 30,964 per 10 grams was trading higher by Rs 35 at Rs 30,988 per 10 grams around 3.10 pm IST

While, silver futures was seen trading higher at Rs 58,159 per kg on MCX.

The recent fall in prices has attracted physical buyers of India, who waited long for the prices to come down.

Swings in gold prices in recent times have tarnished its reputation as a safe haven, and bullion has moved in tandem with riskier assets in the past few months.

Read more about: gold mcx silver
Story first published: Monday, January 7, 2013, 15:13 [IST]
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