Gold, silver flat ahead of Christmas

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Gold, silver flat ahead of Christmas
Gold and silver witnessed a flat trend on Thursday as buying seems to be muted ahead of Christmas and New Year. India gold futures advanced little during initial trading hours, took a quick turnaround and was seen trading flat.

At Multi Commodity Exchange (MCX), the most actively traded gold contract for February delivery opened at Rs 27,747 per 10 grams and was seen trading flat in the range of Rs 27,732 – Rs 27,758 per 10 grams at 12:30 pm

Silver also followed the suit, silver for March delivery on MCX opened at Rs 53,000 per kg and was seen marginally up by Rs 53,122 – Rs 53,128 per kg.

Overseas gold which sets the price trend for India was seen trading in the range of US $1,611 - $1,612 a troy ounce.

The investment sentiments were mixed in the absence of any major global news. On the currency side, the dollar index was down. Euro and rupee edged higher against the US dollar.

On domestic front, though price of gold have depreciated a bit, but buyers are not able to reap the benefit out of it due to depreciating rupee against dollar and prices are still out of comfort zone for them.

Read more about: gold, silver, mcx, futures, currency
Story first published: Friday, December 23, 2011, 12:42 [IST]
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