International gold inches up on Fed comments

Business

oi-Sneha

By Sneha B K

Published: Thursday, January 31, 2013, 14:29 [IST]

International gold inched up on Thursday after the Federal Reserve said that it will continue bond buying measures and to keep purchasing securities until the outlook for employment improves substantially.

Gold rose on hopes that dollar will weaken which will boost the demand for yellow metal. International gold was see at $1,676 an ounce.

Domestically, gold continued to drop on the Multi Commodity Exchange, gold for February delivery was seen trading lower by Rs 34 at Rs 30,183 at 2:10 pm IST.

Silver for March delivery reversed morning gains and was seen trading at Rs 58,910 per kgs, lower by Rs 160.

Delhi spot gold of 99.9 and 99.5% purity was at Rs 31,045 and Rs 30,845 per 10 grams, respectively.

Previous monetary measures helped gold to rally and weakend the dollar as investors changed their focus to bullion.

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