Gold Futures rallied on the MCX with Gold for August delivery trading at Rs 26,590, up Rs 121 over Wednesday's closing. Silver Futures for September were trading higher by Rs 105, at Rs 41,125 on the MCX.
The marginal gains were largely in line with international gold prices, which rallied in trade. Movement for gold would now depend on what Ben Bernanke says about easing in the US, following his testimony to the US Congress later tonight.
Should there be hints of easy monetary policy in his testimony one could expect gold to rally. Gold has lost luster this year and is set to fall for the first time in 13 years. Investors have preferred investing in equities as global economic recovery takes shape.
Also consumption curbs in India to prevent the fall of the rupee has pushed demand for the metal.
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