Gold trading on a steady note

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Gold trading on a steady note
After rising above Rs 29,000, the gold in India took an about turn trailing overseas markets.

MCX gold futures for December delivery contract opened at Rs 28,615 per 10 grams, touched an intraday high of Rs 28,734 and the prices were oscillating in the range of Rs 28,682 – Rs 28,688 per 10 grams at 1:10 pm.

The price of gold futures of February contract opened at Rs 28,946 per 10 grams and was up by 0.04% at Rs 28,991 per 10 grams same time.

Market traders stayed on sidelines today, unable to decide any direction in absence of any major news from abroad.

Fall in domestic equities has also put pressure on the commodity markets as traders are selling bullion to cover up losses in equities.

Domestic equities fell on Friday following poor results posted by India's top companies.

While the domestic bullion prices lowered down a bit, with 24 carat gold clocked at Rs 28,960 per 10 grams, low from its previous close of Rs 29,080 per 10 grams and 22 carat gold was at around Rs 27,080 per 10 grams.

Gold in Asia was seen trading at US $1,765 an ounce.

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Read more about: gold, mcx, bullion, futures, commodity
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