Gold slips on Fed stimulus concerns

Business

oi-Sneha

By Sneha B K

Published: Thursday, April 11, 2013, 15:11 [IST]

Gold slipped in today's session after minutes from the Federal Reserve's meeting which signaled that the Central Bank may end its bond-buying program earlier-than-expected.

International gold fell to one-week low on concerns. However, rising tension over the Korean peninsula may support some buying in Asia. Spot gold was seen trading at $1,556 an ounce.

Meanwhile, Goldman Sachs has once again lowered their 2013 gold forecast to $1,545 from $1,610 and to $1,350 in 2014 from $1,490.

Domestically, gold futures were trading lower by Rs 127 at Rs 29,103 per 10 grams on the Multi Commodity Exchange at 3.00 pm IST.

Silver futures were seen lower by Rs 435 at Rs 51,340 per kgs.

Delhi spot gold of 99.9 and 99.5% purity was seen at Rs 29,470and Rs 29,270 per 10 grams, respectively.

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