Gold, silver futures decline despite firm overseas trend

Updated: Wednesday, January 9, 2013, 14:41 [IST]

Gold, silver futures reversed yesterday's gains and was seen trading lower on the Multi Commodity Exchange despite of firm overseas trend.

While, international gold was seen firm around $1,664 an ounce, investors awaited policy decisions by central banks in Japan and the euro zone.

Gold for February delivery contract was seen trading at Rs 30,920 per 10 grams, lower by 0.17% on MCX at 2.25 pm IST.

While, gold for April 2013 delivery was trading at Rs 31,496 per 10 grams, lower by Rs 29.

Investors are cautious against taking any major move, as the direction still seems to be unpredictable due to uncertainties over the global economies and volatility in currencies.

As on January 9, gold prices for 99.9% in major cities were prevailing around Rs 30,860 in Mumbai, Rs 30,860 in Ahmadabad, Chennai spot gold was seen at Rs 31,070 per 10 grams and Delhi spot gold was seen highest at Rs 31,040 per 10 grams.

Gold which used to be one of the most attractive options during times of economic uncertainties has somehow lost its 'flight to safety' tag.

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