India gold prices hit five-month low

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India gold prices hit five-month low
Gold futures reversed morning gains and was seen trading lower on the Multi Commodity Exchange as investors preferred to book profits.

As per Reuters report, gold extended losses to hit its lowest level in more than five months weighed by a stronger rupee.

Gold failed to attract investors after the strong US jobs data indicating recovery in the economy, could weigh on gold sentiment as investors may shift their focus towards riskier assets, including equities.

However, the rise in rupee will have a impact on movement of gold as it plays a vital role in determining the landed cost of the yellow metal, which is quoted in dollars.

International gold was seen trading at $1,665 an ounce.

MCX gold futures were trading at Rs 30,015 per 10 grams, lower by Rs 20 at 2.05 pm IST. Gold futures for April delivery was seen trading lower at Rs 30,522 per 10 grams, after hitting a low of Rs 30,487, last seen on August. 20.

Silver futures for March delivery dropped by Rs 327 or 56% at Rs 58,091 on MCX.

Delhi spot gold of 99.9 and 99.5% purity was at Rs 30,750and Rs 30,550 per 10 grams, respectively.

Read more about: gold, mcx, futures
Story first published: Monday, February 4, 2013, 14:23 [IST]
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