Gold futures continue to slide on weak global trends

Business

oi-Sneha

By Sneha B K

Published: Saturday, March 30, 2013, 14:04 [IST]

Gold futures continued its losing streak on the Multi Commodity Exchange as internatioal prices weakened. On Thursday, international spot gold ended below $1,600 an ounce. Friday bullion markets were closed on account of Good Friday.

Next week, the second quarter kicks off, however the outlook for gold is expected to remain same depending on the issues revolving in the eurozone and loose monetary policy. Also, any escalation of a war type situation on the Korean Peninsula could lead to a spike in gold prices.

Gold futures for April delivery was seen trading lower by Rs 103 at Rs 29,340 at 12.30 pm IST.

As per Kitco gold survey, out of those 27 participants, 17 see prices up, while six see prices down, and four are neutral.

Gold trend will be same in next months and is expected to trade in tight range.

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