Gold shines on US fiscal solution hopes

Overseas gold continued its winning streak and rose on hopes of a solution for the US fiscal cliff problems. International gold was seen trading at $1,734 an ounce.

Gold in India rose tracking firm overseas trend. However, gold gains were weighed by Moody's decision to downgrade France which strengthened the dollar.

Gold futures for December contract 2012, on the Multi Commodity Exchange was trading at Rs 31,798 per 10 grams, higher by Rs 103 or 0.32% at 2.10 pm IST.

Silver futures for December delivery on MCX was trading higher by Rs250 at Rs 61,847 per kgs.

Delhi spot gold of 99.9% purity rose and was seen at Rs 32,450 per 10 grams and gold of 99.5% was seen at Rs 32,250 per 10 grams.

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