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Gold trades marginally higher on MCX
Gold was trading marginally higher on the MCX with gold for December delivery trading at Rs 28570, up Rs 207.
Silver too rallied by Rs 374 at Rs 47,265. Crude oil on the other hand was trading marginally higher by Rs 9. According to reports, Global crude oil demand is tipped to rise 1.1 million barrels to 92 million barrels per day in 2014, down by nearly 100,000 barrels per day estimated earlier, the IEA said in a report on Friday.
Gold is expected to move in a range at least until a decision on the US debt ceiling is taken. The US Congress has to agree to raise the debt ceiling in the US, for the country to avoid a debt default.
The deadline is expected to be Oct 17 and bullion markets would be excited ahead of the deadline. Gold's direction would be determined on the outcome of the US debt ceiling.
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