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Tuesday, 6 January 2015

Get Mcx bullion tips; Gold prices firm above $1,200

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Today in Mcx Gold prices rose by 0.28 percent to Rs 27,030 per 10 grams in futures trade today as speculators created fresh positions, taking positive cues from the global market. At the Multi Commodity Exchange, gold for delivery in far-month April contracts was up by Rs 76, or 0.28 per cent, to Rs 27,030 per 10 grams in a business turnover of 1 lot. Spot gold had risen 0.7 per cent to $1,197.30 an ounce by 0727 GMT after dropping as much as 0.5 per cent in early Asian hours.
Prices on the Shanghai Gold Exchange were about $7 an ounce higher than the global benchmark, an indication of good demand. Premiums were about $4-$5 last week. The metal for delivery in February was trading higher by Rs 64, or 0.24 per cent, to Rs 26,794 per 10 grams in a turnover of 396 lots. According to analysts, a firming trend in global market where gold extended gains from one-month low, influenced the precious metal in futures trade.
Oil edged up on Tuesday, recovering from a five percent plunge in the previous session that saw prices touch fresh 5-1/2 year lows in an oversupplied market. Growth in oil supplies showed no sign of abating, with output in Russia hitting a record high in 2014 and exports from OPEC's second largest producer Iraq the highest since 1980. Jitters over political uncertainty in Greece drove investors out of risk assets globally to safe haven bonds.

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