Gold & Silver

MCX gold touches Rs 28,357 per 10 gm

Suresh P. Iyengar Mumbai | Updated on April 09, 2012

Gold futures at Multi Commodity Exchange opened on a positive note at Rs 28,210 per 10 grams against Saturday’s close of Rs 28,197. It touched a high of Rs 28,357.

MCX gold may move to Rs 28,450 per 10 gram. Mumbai spot gold was trading at Rs 2,710 a gram at 11.30 am. Gold in US market was at $1,642 a troy ounce

Indian rupee opened weak which would support gold prices. However, strong dollar index will restrict the positive price movement of gold.

Asian equities are trading with a downward bias. A higher-than-expected China’s inflation in March will support the sentiment in gold.

Analysts have dismissed the possibility that the data would dissuade Beijing from its pro-growth monetary policy. High inflation in China led to more demand for gold in 2011.

Last year, China's gold demand jumped 20 per cent compared to a 7 per cent rise in global demand, according to the World Gold Council.

Published on April 09, 2012

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