Gold steady ahead of Federal Reserve outcome; silver down

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Gold steady ahead of Federal Reserve outcome; silver down
Overseas gold was seen trading steady on Thursday ahead of  a Federal Reserve outcome, as investors hoped that Federal Reserve Chairman Ben Bernanke may announce another round of monetary stimulus to boost the sagging global economy.

International spot gold was seen trading around $ 1,730 an ounce.

While gold on the Multi Commodity Exchange opened at Rs 31,895 per 10 grams and was seen trading steady at Rs 31,963 at 2.10 pm IST.

Gold futures contract for December delivery was trading at Rs 32,313 per 10 grams.

MCX silver futures were seen trading lower by 0.15%, silver for March delivery was seen trading above Rs 63,200 per kg.
Spot gold on MCX was seen at Rs 31,972 per 10 grams.

The partially convertible Indian Rupee dropped against dollar and was seen trading at Rs 55.45. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Physical demand in India is likely to reduce as the recent spike in the prices will keep consumers away during festive season.

Read more about: gold, silver
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