Gold dips below Rs 32,000 per 10 grams

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Gold dips below Rs 32,000 per 10 grams
Gold and silver futures declined in electronic trading on Tuesday following a similar global trend.

International gold edged lower on uncertainty for fiscal cliff as investor remained to stay sidelines. The Euro was trading steady at its highest level in more than month.

The most-active gold for December delivery on MCX was see trading at Rs 31,115 per 10 grams, lower by Rs 107 at 2.10 pm IST.

Gold for delivery in February was seen trading lower by Rs 139 at Rs 31,563 per 10 grams.

Silver for December delivery was seen trading higher by Rs 353 to Rs 61,461 per kgs.

On the domestic front, purity of 99.9% gold in Delhi was seen at Rs 31,880 per 10 grams and 99.5% spot gold was seen at Rs 31,680 per 10 grams.

In the overseas market, gold dipped to $1,705 an ounce.

Gold sentiment may be dampened if there is appreciation in the rupee. The rupee is an important variable along with international gold prices in determining the domestic prices of gold.

Of late, precious-metals have lost their safe-haven title and have been witnessing a similar trend to other riskier assets due to volatility in currency markets.

Read more about: gold, silver
Story first published: Tuesday, December 4, 2012, 14:58 [IST]
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