Gold futures trade marginally lower on MCX

Business

oi-Sunil

By Sunil Fernandes

Published: Thursday, September 26, 2013, 11:15 [IST]

It was a quiet day of trade for Gold Futures on the MCX as has been the trend in the last few days. Gold for Oct delivery was trading lower by Rs 100 at Rs 30,112.

Silver for October delivery was also trading marginally lower by Rs 310 at Rs 48,861.

Gold and Silver have both rallied since the Federal Reserve kept its QE3 tapering programme on hold. However, earlier this week gold shed gains on profit taking.

Traders feel that gold would move in a narrow range in the absence of any major cues.

Physical demand is likely to increase following the festive season in India. The nation is the largest consumer of gold and any large scale physical demand could see prices moving up.

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