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International gold trading marginally up


International gold trading marginally up
International gold edged up on Monday as buying activity was seen after gold fell to an almost one-week low on Cyprus bailout deal.

Cyprus will receive 10 billion euros ($13 billion) in bailout funds for its banks, which helped the euro. Currencies have an effect on assets such as gold.

Last week, gold recovered on fears of an escalation in crisis in the euro zone region after chaos reigned over a Cyprus bailout deal. International gold was seen trading at $1,608 after hitting $1,602.59 an ounce.

In India, gold futures were seen trading lower on profit booking. Gold for April delivery was seen trading at Rs 29,576 lower by Rs 117 per 10 grams on the Multi Commodity Exchange.

Gold prices in India is expected to move higher as gold demand may pick up next month due to up coming wedding season.

As per Kitco gold survey, out of those 28 participants, 22 see prices up, while four see prices down, and two are neutral.

Read more about: gold mcx
Story first published: Monday, March 25, 2013, 13:09 [IST]
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