Gold on MCX trades flat; international prices steady

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, February 22, 2013, 12:05 [IST]

Gold on the MCX was trading flat, tracking sluggish international prices. MCX Gold for April delivery was marginally up by Rs 22 or 0.07 per cent at Rs 29,764.

International prices headed for a second straight week of loss, though sluggish economic data from the US pinned hopes that the Federal Reserve would continue its asset buying programme.

Gold had fallen through the week, especially after reports of the Minutes of the Federal Reserve meeting which suggested that there could be an end to the Fed's asset buying programme earlier then expected.

In India gold prices were helped by a falling rupee, which slid sharply following poor global cues and on weak performance of domestic indices.

Gold is expected to trade in a range after under performing other asset classes like equities.

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