International gold trades below $1,600 as monetary hopes fade

Updated: Friday, August 3, 2012, 14:27 [IST]

Overseas spot gold was trading lower on Friday at around $1,593 an ounce as European Central Bank (ECB) meet on Thursday failed to announce any big bang measures.

However, the central bank has decided to undertake open market operations though. The bank kept euro zone interest rates steady at 0.75%.

Mario Draghi, President of the ECB has promised to design measures in the future.

In India, gold for August delivery on the Multi Commodity Exchange (MCX) opened at Rs 30,396 and was seen trading around Rs 29,670 per 10 grams at 2.05 pm IST.

MCX spot gold rose and was seen trading at Rs 29,726 per 10 grams, while silver was seen trading at Rs 52,321 per kgs.

In Delhi spot gold of 99.9 and 99.5% purity was seen at Rs 30,200 and Rs 30,000 per 10 grams, respectively.

While, silver for September delivery on MCX opened at Rs 52,997 per kg and was trading at Rs 52,990 per kgs.

GoodReturns.in