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Gold steady ahead fiscal deficit meet

Gold steady ahead fiscal deficit meet
Overseas gold was seen trading steady on Friday ahead US budget talks which could decide the direction of the precious metal.

International spot gold was seen trading at $1,660 an ounce.

Back in India, gold futures continued its losing streak on Friday. Gold futures for February contract were seen trading lower by Rs 86 at Rs 30,737 per 10 grams at 2.20 pm IST.

Silver futures was trading lower at Rs 57,871, lower by 304 per kgs on the MCX.

Downtrend seen in gold is due to weak overseas trend. However, physical demand rose marginally in India due to fall in prices.

Of late, precious-metals have lost their safe-haven title and have been witnessing a similar trend to other riskier assets due to volatility in currency markets and uncertainty global economy.

Read more about: gold silver mcx
Story first published: Friday, December 28, 2012, 14:41 [IST]
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