Gold, silver futures edge lower on MCX

Updated: Friday, July 6, 2012, 14:57 [IST]

Reversing yesterday's gains gold futures were trading lower mirroring global trends. Gold futures for August 2012 contract, at MCX, were trading at Rs. 29,622 per 10 grams, down by 0.42% at 2.30 pm IST, after opening at Rs. 29,76 per 10 grams. It touched an intra-day high of Rs. 29,767 per 10 grams.

Silver for July 2012 Contract was seen trading at Rs 53,402 per kgs lower by Rs 272.

Gold edged lower on Friday as hopes faded of further monetary easing by Federal Reserve after positive US jobs data. Dollar strength also weighed on sentiments. A stronger dollar saw reduced demand for the precious metal as an alternative investment.

Spot gold on MCX was seen trading at Rs 29,608 per 10 grams. Domestic bullion, gold of 99.9 and 99.5% purity was seen at Rs 30,200 and Rs 30,000 per 10 grams, respectively.

International spot gold was trading at $1,549 an ounce. Prices fell after comments from ECB President Draghi stating that there was renewed weakness in economic growth in the last three months with "heightened uncertainty".

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