Gold gains on Ben Bernanke comments

Business

oi-Sneha

By Sneha B K

Updated: Tuesday, January 15, 2013, 14:50 [IST]

Precious metal gained on Tuesday after Federal Reserve Chairman Ben Bernanke's comments, which hinted that US central bank will consider continuing bond buying programmes which will boost demand for gold.

Some investors created fresh positions and parked their money in the precious metal, as gold is a safe investment and hedge against global economic instability.

Overseas spot gold was seen trading at $1,681 an ounce.

Gold on MCX for February delivery was seen trading at Rs 30,858 per 10 grams, higher by Rs 118.

Silver for March delivery on MCX was seen higher by Rs 460 at Rs 59,203 per kgs.

Delhi spot gold of 99.9 and 99.5% was at Rs 31,005 and Rs 30,805 per 10 grams, respectively.

Gold has remained range bound for the last few weeks. India which is a major consumer of gold has seen interest wane. Gold may struggle to move in north direction as investors are cautious against taking any major move, as the direction still seems to be unpredictable due to uncertainties over the global economies.

As per Reuters report, Platinum rises to three-month high, regains premium over gold.

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