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Gold, silver drift lower on global worries


Gold, silver drift lower on global worries
Gold futures continued to drift lower tracking overseas trend on worries over Spain's struggle to control its finances.

Dollar strengthened against major currencies, as investors focus changed to dollar from the precious metal, making dollar-traded gold expensive to investors. Buyers kept out of the market and sentiment was subdued.


Gold futures for October contract on Multi Commodity Exchange was seen trading at Rs 31,067 per 10 grams, lower by 0.43% at 02.30 pm IST. Spot bullion on the MCX was seen lower at Rs 31,160 per 10 grams.

MCX silver futures slipped by Rs 340 per kg, and was trading at Rs 62,440 per kg.

Overseas spot gold was trading at $ 1,771 an ounce. Investors were worried over the rising debt costs to Spain and the country's refusal to seek a bailout.

Delhi spot gold of 99.9% and 99.5% purity was at Rs 31,750 and Rs 31,550 per 10 grams, respectively.

Read more about: gold silver futures mcx
Story first published: Monday, October 1, 2012, 14:42 [IST]
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