Thursday, February 09, 2012

MCX Gold Trend for Today

MCX Gold April contract is trading at Rs 28285/10gm after opening the day at Rs 28197/10gm, up 0.39% for the day as of 10:40 AM IST. MCX silver March contract is trading at Rs 57098 after opening at Rs 56836, up 0.49%. Both metals are also trading positive at the COMEX. Chinese inflation for the month of January came in a 4.5%, higher than the expected 4%. China is one of the largest buyers of Gold and as such the high inflation data made investors rush into the safety of precious metals. Gold held steady above $1,730 an ounce on Thursday, after dropping about a per cent in the previous session, as a surprisingly high China inflation number supported prices, while investors also focused on Greece's debt talks for direction. Gold came under pressure as the euro softened after Greek political leaders failed to conclude a deal for a bailout package crucial to avoiding a messy debt default, but the higher-than-expected inflation data out of China helped bullion pare early losses. Once the higher CPI (consumer price index) came out, inflation worries prompted traditional buyers to come in quickly," said a U.S.-based trader. Spot gold was little changed at $1,733.59 an ounce by 0323 GMT, recovering from an intra-day low of $1,725.49. U.S. gold edged up 0.3 per cent to $1,736.40 an ounce.
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