Gold, Silver drop as QE3 impact fades

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Gold, Silver drop as QE3 impact fades
The metal buying euphoria following a quantitative easing programme announcement in the US finally abated, as renewed fears in the eurozone region with latest worries on Spain dragged gold and silver lower.

Internationally, gold dropped by $12 an ounce to trade at $1756, while silver was down marginally by 0.13%.

On the MCX gold for October delivery dropped 0.49% at Rs 31,654, while Silver futures for December delivery was down by 0.4% at Rs 63453 on the Multi Commodity Exchange.

Gold and silver would continue to track global equities. The sharp rally in the last few weeks could see more profit booking in precious metals in the next few weeks.

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