Gold soars above Rs 30,000 on MCX

Gold extended gains on Multi Commodity Exchange with gold futures for August delivery trading at Rs 30,153 per 10 grams up by Rs 117 and gold for October delivery was seen trading at RS 30,476 higher by Rs 115 at 2.40 pm IST.

International gold hovering around US$ 1,641 an ounce. Weak US economic data raised the hopes of the monetary easing, which will increase the demand for precious metal.

Most of the investors preferred to step aside and wait for further direction from the Greek elecyon and Federal Reserve meet.

Back in India, Domestic bullion prices also picked up reflecting overseas market, with gold of 99.9 and 99.5% purity was seen at Rs 30,350 and Rs 30,550 per 10 grams, respectively. India spot gold was seen at Rs 29,944 per 10 grams.

Silver for July delivery was seen trading at Rs 55,156 per kgs up Rs 141 on MCX.

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