Gold inches up on hopes of ECB rate cut

Gold inched up on Friday on hopes of future interest rates cuts by European Central Bank as the euro zone economy is expected to slump further in 2013.

Overseas spot gold was seen trading at $1,700 an ounce.

Gold on MCX for February delivery opened at Rs 31,211 per 10 grams, and was seen trading at Rs 31,280 per 10 grams at 2.10 pm IST. AHMEDABAD spot gold on MCX was seen trading at Rs 30,850 per 10 grams.

Silver futures were seen trading at Rs 62,501 per kgs, higher by Rs 61.

While investors eye non-farm payrolls data later today, and next week's Federal Reserve policy meet.

Delhi spot gold of 99.9 and 99.5% purity rose and was seen at Rs 31,510and Rs 31,310 per 10 grams, respectively.

GoodReturns.in