Gold declines from record high; tracks overseas trend

Business

oi-Sneha

By Sneha B K

Published: Thursday, November 29, 2012, 14:27 [IST]

Gold Futures in India declined in trade today on the MCX following a similar trend in the overseas market.

The most-active gold for December delivery on MCX was see trading at Rs 31,645 per 10 grams, lower by Rs 258 at 2.10 pm IST.

Gold for delivery in February was seen trading lower by Rs 253 at Rs 32,013 per 10 grams.

On domestic front, purity of 99.9% gold in Delhi was seen at Rs 32,240 per 10 grams and 99.5% spot gold was seen at Rs 32,040 per 10 grams.

In overseas market, gold dipped to $1,721 an ounce.

Physical buying may remain subdued due to high prices. However, dollar strengthening due to rising fears about Fiscal cliff and Greek debt deal could weigh further on the yellow metal.

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