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Gold gains on weak dollar, physical demand

Gold gains on weak dollar, physical demand
Gold was trading higher on Tuesday amid strong physical demand from China and weak dollar.

A falling rupee also contributed to the rise in gold, sine the rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

China saw a strong physical demand ahead of the Lunar New Year holiday in February.

Investors now await the ECB meet which is to be held on Thursday, for news on interest rates and other measures. Many analysts expect that the ECB will refrain from a rate cut.

At the MCX, gold futures, for the February 2013 contract, was seen trading at Rs 30,908 per 10 gram, up by 0.15% at 2.00 pm IST.

MCX silver futures were sen trading at Rs 58,170 per kg, higher by Rs 187 or 0.32%

Delhi spot gold of 99.9 and 99.5% was at Rs 31,071 and Rs 30,870 per 10 grams, respectively.

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