The price of the precious metal
on Multi Commodity Exchange rose on Tuesday amid global concerns and
the metal's safe haven appeal returning.
International spot gold was seen trading at US $1,1617 a troy ounce.
Global
investors have been diversifying their money from equities to gold on
its safe demand, which is also supporting the price of gold to move in
the upward direction.
The price rise was seen due to the buying
activity and on rising hopes that the Federal Reserve would consider
further monetary easing after the gloomy May jobs data.
At the
Multi Commodity Exchange (MCX), gold for August delivery contract was at
Rs 30,071 per 10 grams up Rs153, the gold for June delivery was trading
up by Rs 176 at Rs 29,884 per 10 grams at 3.10 pm IST.
Gold
traders increased their long positions with the sudden spike in prices
with small volumes considering this hike can be for an interim period.
Domestic
bullion prices were subdued with gold of 99.9 and 99.5% purity was seen
at Rs 30,200 and Rs 30,00 per 10 grams, respectively.
GoodReturns.in Tuesday, June 5, 2012, 15:18 [IST]