Gold futures flat on MCX; silver down

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Gold futures were trading flat on the Multi Commodity Exchange with gold futures for December contract at Rs 31,288 per 10 grams at 2.00 pm IST.

MCX silver futures slipped by Rs 27 per kg, and was trading at Rs 59,845 per kg.

On Friday, domestic gold was traded higher as fall in rupee value further boosted the sentiment. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

However, physical demand in India is expected to increase due to on going wedding and festive seasons.

While, gold in international market fell 1% on Friday, the highest per centage drop since July.

Friday's drop in prices was on sustained selling pressure following weakness in equities across the globe, as corporate earnings particularly in the US remained weak.

Read more about: gold, silver
Story first published: Saturday, October 20, 2012, 14:05 [IST]
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