Gold, silver drift lower on global concerns, rupee weighs

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Gold, silver drift lower on global concerns, rupee weighs
Gold, silver futures drifted lower on Monday tracking global cues as lingering worries on Spain bailout weighed on the yellow metal.

Gold futures for December contract on the Multi Commodity Exchange was seen trading at Rs 30,992 per 10 grams, lower by Rs 295 at 2.20 pm IST.

MCX silver futures slipped by Rs 347 per kg and was trading at Rs 59,494 per kg.

Sliding trend seen in precious metal and strong rupee weighed on the gold futures today. The rupee plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

While, investors keep an eye on the Federal Reserve's two day policy meet, held on Tuesday and Wednesday. International gold recovered from one-month low and was seen trading at $1,722 an ounce.

Physical demand in India may boost due to the festive season. As Indians consider buying gold on these occasions is auspicious.

Read more about: gold, silver, futures, mcx
Story first published: Monday, October 22, 2012, 14:36 [IST]
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