Gold & Silver

MCX gold August contract may touch Rs 30,100

Suresh P. Iyengar Mumbai | Updated on June 13, 2012

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Gold futures may continue its uptrend.

At the Multi Commodity Exchange, the yellow metal opened on a positive note at Rs 29,974 per 10 grams against the previous close of Rs 29,968. It touched a high of Rs 30,069.

Mumbai spot gold traded at Rs 2,961 a gram.

Indian rupee depreciated by 18 paise (0.17 per cent) and is supporting gold prices.

MCX gold August contract may move towards Rs 30,100 per 10 gram.

According to the World Bank projections on Tuesday, the Indian economy will grow 6.9 per cent in this financial year (2012-13) notwithstanding problems like policy uncertainties, fiscal deficit and inflation.

US gold spot price was traded at $1,608 a troy ounce.

Retail sales in the US probably declined in May for the first time in a year as slower employment and subdued wage gains damped the demand for automobiles.

Published on June 13, 2012

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