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Gold eases again; slips below Rs 31,000 mark

Gold eases again; slips below Rs 31,000 mark
Gold futures fell below Rs 31,000 level tracking weak global cues. Gold futures for December contract on MCX was seen trading at Rs 30,979 per 10 grams at 02.00 pm IST.

Gold sentiment was also affected due to rupee appreciation. The rupee is an important variable along with international gold prices in determining the domestic prices of gold.

MCX spot gold was seen trading at Rs 30,706 per 10 grams.

International gold was trading at US$ 1,740 an ounce. On Monday, gold slipped to a one-month low as positive US sales data weighed on the metal dampening the hopes of monetary easing.

Silver reversed morning losses and was seen trading higher by Rs 116 to Rs 60,075 per kg.

Fall in gold prices can cheer many gold buyers due to ongoing festive season, but can upset investors who are long on the commodity in the futures market.

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