Spot gold slips below $1,680; US data weighs

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Spot gold slips below  $1,680; US data weighs
Overseas gold dropped below $1,680 an ounce after the positive figures from the US jobs data which dampened expectation of further monetary stimulus.

On Friday, international gold slipped almost 2% after the US jobs data which showed improvement in the US economy. Tracking global commodities investors opted for dollar as safe haven. Spot gold was seen at $1,677 an ounce.

Indians buying gold during festivals have some reason to cheer as international gold prices dropped 2% on Friday The fall in prices will attract physical buyers of India, who waited long for the prices to come down.

Indian domestic gold tracks international prices and a continuing decline may augur well for those who want to purchase jewellery during the festive season.

In India, gold futures for December delivery on the MCX was trading at Rs 30,502 per 10 grams, higher by 0.26% at 1.00 pm IST.

While, silver futures for December delivery on MCX was trading lower by Rs 88 at Rs 57,575 per kgs.

Read more about: gold, silver
Story first published: Saturday, November 3, 2012, 14:02 [IST]
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