Gold, silver decline as monetary easing hopes fade

Business

oi-Sneha

By Sneha B K

Published: Thursday, July 12, 2012, 15:17 [IST]

Gold and silver futures declined in electronic trading on Thursday following a global trend. The metal declined after the Federal Reserve minutes of meeting failed to hint at further easing measures to boost a sagging economy.

Gold and silver felt the jolt, with the overseas gold dragged down and was seen trading at US $1,557 a troy ounce.

Back in India, gold on MCX for August gold futures opened at Rs 29,309 per 10 grams, touched a low of Rs 29,215. At 2.40 pm IST, the metal was seen trading at Rs 29,262 per 10 grams.

Domestically, gold of 99.9 and 99.5% purity was at Rs 29,720 and Rs 29,470 per 10 grams, respectively.

Silver for September delivery opened low at Rs 52,656 per kg and slid further. It was seen trading at Rs 52,503 per kgs.

Of late, precious-metals have lost their safe-haven tag and have been witnessing a trend to other riskier assets due to volatility in the currency markets.

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