Gold flat ahead of EU Summit; silver drops

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Gold flat ahead of EU Summit; silver drops
Gold futures were trading flat on the Multi Commodity Exchange with gold futures for December contract at Rs 31,145 per 10 grams at 2.20 pm IST.

MCX silver futures slipped by Rs 55 per kg, and was trading at Rs 60,519 per kg.

European leaders will have a two-day meet starting from todayand should teh ouctome of the meeting be favourable, there could be a fresh rally in gold.

China's sluggish economy which slipped for a seventh quarter in a row, might see some selling pressure, as the country is the largest purchaser of gold.

US housing data which came better-than expected, indicating improvement in the US economy. Strong US housing data weighed on the bullion as it raised concern that the Federal Reserve might lessen its monetary easing measures.

International gold was seen trading at $1,747 an ounce.

Domestic gold inched up on Thursday as buying activity picked up. Delhi spot gold of 99.9% and 99.5% purity was seen at Rs 31,550 and Rs 31,350 per 10 grams, respectively.

Read more about: gold, silver, mcx, futures
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