Gold recovers on low retail buying, weak dollar
Gold prices, that were stagnant for some time now, recovered on Thursday at the bullion market on low retail buying and weakening American dollar. HT reports.business Updated: Nov 22, 2012 23:02 IST
Gold prices, that were stagnant for some time now, recovered on Thursday at the bullion market on low retail buying and weakening American dollar.
Spot gold on Thursday jumped by Rs. 105 to touch Rs.32,050 for 10 grams. Gold that had touched its all time high of Rs. 32,500 per 10 grams two months back and was trading below that mark, is expected to remain in the range, say industry trackers.
The yellow metal was trading around Rs.31,813 per 10 grams at the Multi Commodity Exchange (MCX) for the December contract.
“Gold is expected to go up as investors await decision on the fiscal cliff and Greece bailout,” said a report by Emkay commodity research.
In the international market, gold prices edged up, following the positive Chinese manufacturing data and hopes that a bailout deal for Greece may eventually be agreed boosted stocks and lifted the euro to three-week highs versus the dollar.
Meanwhile, spot gold was up 0.06% at $1,729.56 an ounce.