Gold, silver sheds gains, as hope of stimulus fades

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Gold, silver sheds gains, as hope of stimulus fades
Gold, silver futures fell on the Multi Commodity Exchange reflecting weak overseas trend, following dimishing hopes of Ben Bernanke hinting on easing measures in his speech slated for Friday.

Gold for October contract delivery opened at Rs 30,834 per 10 grams and was trading at Rs 30,810 per 10 grams lower by 0.12%.

Gold for December contract was seen trading at Rs 31,189 per 10 grams.

MCX silver futures edged lower by Rs 126 per kg, and was trading at Rs 57,433 per kg.

Spot bullion on MCX was seen lower at Rs 30,715 per 10 grams, while silver was seen trading at Rs 57,207 per kg. Delhi spot gold of 99.9 and 99.5% purity was at Rs 31,175 and Rs 30,975 per 10 grams, respectively.

Today's drop could be attributed to the the country's second quarter gross domestic product data that was revised upwards to 1.7% from 1.5%, allaying fears among investors that the Federal Reserve may not offer another round of monetary easing.

International gold was seen trading at US $ 1,659 an ounce.

Federal reserve chairman Ben Bernanke will deliver a speech about monetary policy at the central bank's symposium at Jackson Hole, Wyoming, on August 31.

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