Last Updated : 17 October 2012 at 10:45 IST
US inflation figures add value to India's MCX Gold
Source :Bloomberg News
Investors on strong US inflation figures moved further into gold to retain value selling dollar; the traditional hedge against gold.US gasoline prices jumped 7 percent in September after climbing 9 percent the prior month.
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NEW YORK (Commodity Online): With rupee gaining against the Dollar, gold prices on India's MCX is charting a positive trajectory.
In the initial hours of the trade, MCX gold gained 0.14% to touch Rs.31083/10 grams. Silver on the MCX is up by 0.26% at Rs.60186/kg. Investors on strong US inflation figures moved further into gold to retain value , selling dollar; the traditional hedge against gold.
US gasoline prices jumped 7 percent in September after climbing 9 percent the prior month.
In the 12 months to September overall consumer prices increased 2 percent, the fastest pace since April and up from 1.7 percent in August. Core prices also rose 2 percent in the year through September, up a tenth of a point from August's reading.
On the Comex, gold seemed to throw off a recent pattern of weakness in the face of events that reduced the prospect for additional easing and that in turn would seem to suggest that gold was shifting back toward a classic physical market focus again, CME Group website informed.
Spot gold climbed upto 0.3% to touch $1,753.25 an ounce and was at $1,751.57 at 11:29 a.m Singapore time. December gold climbed 0.4% to $1,752.80 an ounce on the Comex. Cash silver jumped as much as 0.6% to $33.1537 an ounce and was seen trading at $33.0675.
“If Spain’s financial troubles can be kept in check, it helps stabilize market sentiment,” said Xiang Nan, an analyst at CITICS Futures Co., a unit of China’s biggest listed brokerage to Bloomberg. “The weaker dollar is also good for all commodities including gold.” he added.
Meanwhile Moody's has retained Spains debt ratings.
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