Spot gold declines to Rs 27,400

Business

oi-Sneha

By Sneha B K

Published: Tuesday, December 27, 2011, 15:47 [IST]

After being on a steady route for last few trading sessions, the gold dipped on Tuesday as investors remained sideways in the final week of the year due to lack of proper direction.

Tensions over the euro zone are still unresolved. On the flip side, US dollar edged up against the basket of currencies on lingering euro zone debt crisis.

Investors and traders have kept their eyes on US and euro zone to take any possible action. Traders seem to be calm ahead of New Year.

February gold futures on Multi Commodity Exchange (MCX) opened at Rs 27,744 per 10 grams and were trading in the range of Rs 27,684 – Rs 27,691 per 10 grams at 3:30 pm IST. It touched an intraday low of Rs 27,534 per 10 grams.

MCX spot gold also declined to Rs 27,400 per 10 grams.

International spot gold seen wavering around $1,600 a troy ounce.

The metal may remain lackluster for the remaining week in the absence of any global cues.

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