Gold, silver moves up marginally

Gold and silver moved up marginally on Saturday tracking global cues. The metals which lost most in five days finally regained their health after Italy government won a confidence vote on austerity measures in the lower house.

Euro lifted up after the news driving US dollar down.

Overseas spot gold rose and was seen back to $1,600 an ounce.

The most active gold for February delivery contract on the Multi-Commodity Exchange (MCX) opened at Rs 27,536 grams and was seen trading at Rs 27,603 – Rs 27,605 per 10 grams.

And, the gold for April delivery contract opened at Rs 27,847 per 10 grams and was trading at Rs 27,905 – Rs 27,913 per 10 grams.

Silver also rebound on the MCX, silver for March contract opened at Rs 53,500 per kg and was seen trading at Rs 53,666 – Rs 53,680 per kg.

Precious metals tumbled most in this week as investors were sceptical about the growth of the euro zone. Traders and speculators offloaded their positions on account of rising uncertainties about the euro zone’s ability to solve debt crisis.

Last fall in the prices of precious metal was seen in September.

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