India Gold Edges Up on Firm Global Cues
Source: Commodity Online (6/9/09)
"Gold also edged higher in European trade as the euro clawed back some lost ground against the dollar."
Standard gold and ornaments recovered by Rs 90 each to Rs 14,850 and Rs 14,700 per 10 gram, respectively. Sovereign, gained Rs 50 to Rs 12,400 per piece of eight gram.
Silver ready rose by Rs 50 to Rs 23,000 and weekly based delivery by Rs 180 to Rs 23,330 per kg. Silver coins held steady at Rs 29,500 for buying and Rs 29,600 for selling of 100 pieces.
On the Multi Commodity Exchange (MCX), gold for August contract was seen trading at Rs 14,613 per 10 gram at 4.59 p.m. while October contract was at Rs 14,620 per 10 gram.
Analyst said fresh buying by stockists in tandem with firming trend in the overseas market mainly led to the recovery in gold and silver prices.
Gold also edged higher in European trade as the euro clawed back some lost ground against the dollar, boosting the precious metal's appeal as an alternative asset to the U.S. currency.
Spot gold was seen trading at $952.50 an ounce at 4.59 Indian time as against $950.05 an ounce late in New York on Monday.