Gold trading flat as EU summit euphoria recedes

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Gold trading flat as EU summit euphoria recedes
Gold recovered marginally and was seen trading flat on MCX due to buying activity.

Worries over the euro zone's debt crisis continued as the EU summit euphoria receded as investors raised concerns over the deal, and how far it will help in tackling crises.

However, international spot gold declined as Europe's new measures to overcome debt crises euphoria dies down after rallying 3%. Gold was seen trading at US$1,595 an ounce. India spot gold on MCX was seen at Rs 29,6440per 10 grams.

On Friday, gold posted its biggest gain in a month after European leaders agreed to take measures to help troubled banks.

On the domestic front, gold and silver advanced on the Multi Commodity Exchange (MCX) on Monday, gold for August delivery was seen trading at Rs 29,684 per 10 grams higher by Rs 19. Whereas silver for July delivery was seen trading at Rs 52,230 higher by Rs 243 at 2.35 pm IST.

Domestically, gold of 99.9 and 99.5% purity was seen at Rs 30,200 and Rs 30,000 per 10 grams, respectively.

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