Gold, silver flat ahead of Bernanke statement

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Gold, silver flat ahead of Bernanke statement
Gold, silver was seen trading in tight range on Friday as investors preferred to remain on the sidelines ahead of a key policy speech from Federal Reserve Chairman Ben Bernanke at Jackson Hole later today.

On Multi Commodity Exchange, gold for October contract delivery opened at Rs 30,800 per 10 grams and was trading at Rs 30,828 per 10 grams marginally lower by 0.2%.

While, gold for December contract was seen trading at Rs 31,211 per 10 grams.

MCX silver futures edged lower by Rs 45 per kg, and was trading at Rs 56,908 per kg.

International spot gold was seen around US $1, 658 an ounce.

Spot bullion on MCX was seen lower at Rs 30,684 per 10 grams, while silver was seen trading at Rs 56,761 per kg.

Sentiments was also affected on reports that gold imports in India fell by 18.4% to Rs.71,912 crore in the first quarter of the current financial year indicating weak demand due to a sharp increase in prices.

The Comptroller and Auditor General (CAG) has advised the Indian government to enforce compulsory hallmarking of gold jewellery, in order to protect consumers from unscrupulous jewellers.

Read more about: gold, silver, mcx
Story first published: Friday, August 31, 2012, 14:06 [IST]
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