Gold, silver rally eases on profit booking

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Gold, silver rally eases on profit booking
After rallying to a record high this week, investors preferred to book profits in gold amid weak overseas trend. Gold on Friday slipped from a record high. MCX gold futures for October 2012 contract, was trading at Rs 31,314per 10 gram, lower by 0.49%.

Gold futures for December 2012 contract, was seen trading lower by 0.46% at Rs 31,692 per 10 grams on MCX at 02.11 pm IST.

Improved data in the U.S. labour market weighed on the market, which reduced the chances of the Federal Reserve offering another round of stimulus measures.

Investors sentiment weakened further after U.S. non-farm private employment rose in July diminishing hopes of further stimulus measures from the Federal Reserve.

MCX silver futures was down by Rs 672 per kg, and was trading at Rs 61,667 per kg.

Delhi spot gold of 99.9% and 99.5% purity was seen at Rs 31,910 and Rs 31,710 per 10 grams, respectively.

On Thursday, the European Central Bank's (ECB) decided on a new bond-buying programme to lower struggling eurozone countries' borrowing costs.

Read more about: gold, silver, mcx, futures
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