Gold, silver loses shine on MCX

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Gold, silver loses shine on MCX
Gold and silver futures declined further in electronic trading on Monday. Gold on MCX for April delivery was seen trading lower by Rs 32 at Rs 27,838 per 10 grams at 03.15 pm IST.

Gold Jewellers across India downed shutters even today, making it three days in a row, since the Budget day, which imposed a hike in customs and excise duty across gold and jewellery. Spot gold on MCX remained closed on account of bandh.

India is a top gold consumer, however, imports are expected to fall significantly in 2012 following levy of customs duty and excise duty in the Union Budget 2012. While, gold's cousin silver saw May delivery on MCX trading at Rs 56,959 per kg, down Rs 279.

US spot gold was seen at $1,657 an ounce.

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Read more about: gold, silver, futures, mcx
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