Gold Futures trade flat as traders celebrate festivals

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, March 23, 2012, 16:02 [IST]

Gold Futures were trading flat with low volumes, as several states were celebrating festivals. While Karnataka was celebrating,Ugadi, the bullion and commodity market was closed in Mumbai on account of Gudi Padwa.

At the Multi Commodity Exchange, Gold for April delivery rose by Rs 25 at Rs 27,938 per 10 grams at 03.25 pm IST.

While silver for march delivery also rose by Rs 123 or 0.69% at Rs 56,425 per kgs.

Gold has remained range bound for the last few weeks and exhibited less volatility. India which is a major consumer of gold has seen interest wane, after the Union Budget increased customs and excise duty on gold.

Globally too, the precious metal has been largely steady in the last few weeks, as the metal has already rallied more than 10%, since the beginning of the year.

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