Gold futures loses sheen; prices below 31,000

Business

oi-Sneha

By Sneha B K

Published: Tuesday, October 23, 2012, 13:41 [IST]

India gold futures fell on the Multi Commodity Exchange (MCX), gold futures for December 2012 contract, at MCX, were trading at Rs 30,979 per 10 grams, down by 0.29% at 1.25 pm IST, after opening at Rs 31,045 per 10grams.

Gold, silver futures came under pressure tracking overseas trend ahead of U.S Federal Reserve meet today.

International gold price was seen trading at US$ 1,719 an ounce. However, investors prefered to remain on the sidelines ahead of two-day U.S Federal Reserve meet.

Ahmedabad Spot gold on MCX was seen at Rs 30,869 per 10 grams. Decline in prices may augur well for those who want to purchase jewellery during the festive season.

Silver futures for December contract was seen trading lower by Rs 249 at Rs 59,365 per kg. Silver futures also fell tracking weak overseas trend.

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