Marriage season powers gold prices

Gold goes up by 0.33 percent due to increased demand at domestic markets.

Written by Agencies | New Delhi | Published: February 23, 2012 12:09:42 pm

Gold futures rose by 0.33 per cent to Rs 28,741 per 10 grams today,as speculators engaged in enlarging their positions,driven by a firming trend overseas.

Also,pick up in demand at domestic market for the ongoing marriage season,also supported the upside in prices.

At the Multi Commodity Exchange,gold for delivery in April rose by Rs 95,or 0.33 per cent,to Rs 28,741 per 10 grams,with a business turnover of 960 lots.

The metal for delivery in June also rose by Rs 88,or 0.30 per cent to Rs 29,084 per 10 grams in a turnover of 29 lots.

Market analysts attributed the rise in gold futures to a firming trend overseas on speculation speculation that the US will extend a stimulus to bolster the economy.

In addition,rising spot demand on account of marriage season also influenced precious metal prices,they said.

Meanwhile,gold rose by USD 15.50 to USD 1,775.80 an ounce after reaching USD 1,783 in New York in yesterday’s trade.

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