Gold declines ahead of Fed meet

Business

oi-Sneha

By Sneha B K

Published: Tuesday, March 13, 2012, 15:45 [IST]

MCX gold declined in today's trade after climbing in the previous session as a spike in the precious metal tempted traders to book profits.

However, investors are cautious against taking any major positions, as the direction still seems to be unpredictable ahead of Federal Reserve meeting today

At 02.55 pm IST, gold for April delivery on the Multi Commodity Exchange (MCX) was trading at Rs 27,888.00 per 10 grams lower Rs 84.

Domestically, gold of 99.9 and 99.5% was at Rs 28,030 and Rs 28,170 per 10 grams, respectively.

MCX spot gold fell and was seen at Rs 27,773 per 10 grams, while spot silver fell to Rs 57,227 per kg.

US spot gold was seen hovering at $1,698.44 an ounce.

While, silver for May delivery on MCX was seen trading at Rs 58,301 per kgs down Rs 91.

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