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International prices of gold at 6 week high

International prices of gold at 6 week high
Gold prices on the MCX rallied in trade on the back of strong global prices, which rallied to a six week high. Gold for Feb delivery was trading higher by Rs 80 at Rs 29,345 on the MCX.

Silver on the other hand was trading at Rs 45,173 up Rs 37 on the MCX. International prices of gold have begun the year on a more stronger note, showing signs of strength.

In the international markets spot gold hit $1,259 an ounce, a six week high.

After dropping sharply for the first time in 12 years in 2013, gold prices are once again showing signs of strength. Weak jobs data from the US, had boosted hopes that the Fed would continue its QE3 programme. Read more on QE3 here.

What this means is that easy liquidity conditions would continue, which is good news for gold.

Read more about: gold mcx qe3
Story first published: Monday, January 20, 2014, 12:35 [IST]
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