Gold, silver stalls ahead of New Year

Business

oi-Sneha

By Sneha B K

Published: Monday, December 26, 2011, 15:15 [IST]

Gold and silver remained steady on Monday in absence of any major global cues as most of the foreign markets remained close on the eve of Christmas holidays.

On domestic front, the rupee firmed up against US dollar with the rise in domestic equities.

Equities and gold have moved in opposite directions for much of this month, as investor appetite for risk dominated trading across assets. Today, the markets were trading under the positive terrain replicating global gains. Seeing the green rally on the equities front, investors seem to be losing interest from the precious-metals.

At 3.10 pm IST, the gold for February delivery on the Multi Commodity Exchange (MCX) was trading at Rs 27,759.00. It opened at Rs 27,785 per 10 grams.

While, silver for March delivery on MCX opened at Rs 53,147 per kg and was trading in the range of Rs 53,047 – Rs 53,050 per kg same time.

MCX spot gold declined to Rs 27,562 per 10 grams, while spot silver fell to Rs 51,600 per kg.

However, the Benchmark SENSEX was at 15,977.39 up by 240 points. The 50-share NSE Nifty was at 4,783. up by 67.40 points.

Overseas spot gold price stood at US $1,604 a troy ounce.

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