MCX gold steady above Rs 30,000 per 10 grams

Gold futures on MCX was seen trading steady on Saturday after climbing marginally in previous session.

Gold for October delivery opening at Rs 30,166 per 10 grams and was seen trading at Rs 30,157 per 10 at 12.20 pm IST.
On Friday, gold rose after German Chancellor Angela Merkel's comments which hinted for further action from the European Central Bank to tackle the weakening euro debt crisis.

Sentiments were further boosted by the hopes that the Federal Reserve will stimulate the economy via quantitative easing on account of the sluggish data out of US.

Gold futures contract for December delivery contract was trading at Rs 30,483 per 10 grams.

While, silver for September delivery on MCX was trading at Rs 53,634 per kgs.

However, investors are cautious against taking any major move, as yellow metal steadied to Rs 30,000 per 10 grams.

As per WGC latest report, India's investment and jewellery demand for Q2 2012, fell to 181.3t, down from 294.5t in Q2 2011.

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