Gold sentiments were adversely affected after the US Federal Reserve survey stated that US economy may moderate in March. Any positive news on the global economic front could see gold reacting sharply.
On the Multi Commodity Exchange gold for June delivery opened at Rs 28,594 per 10 grams and was seen trading at Rs 28,553, down Rs 49 or 17% at 3.05 pm IST.
Spot gold moved in tandem with the other rates and also was seen trading at Rs 28,405 per 10 grams, while spot silver was trading at
Rs 55, 725.
MCX silver for immediate delivery was at Rs 56,040 per kgs marginally up Rs 23.
Domestically, gold of 99.9 and 99.5 per cent purity rose to Rs 28,900 and Rs 28,760 per 10 grams, respectively.