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Gold trades flat as investors eye ECB meet

Gold trades flat as investors eye ECB meet
Investors eye the outcome of an European Central Bank's policy meet which is held later today. Any disappointment from the ECB in terms of stimulus measures could lead to fall in the metal across the globe.

Gold investors and buyers would keenly watch the ECB meet scheduled for today. Any hints of easing measures could spark a rally in precious commodities. However, the ECB is expected to hold interest rates unchanged.

International gold was seen trading at US$ 1,661 an ounce.

Multi Commodity Exchange (MCX) gold futures for February delivery was seen trading at Rs 30,778 down by 0.02 % at 2.00 pm IST.

Whereas April contract delivery was trading at Rs 31,409 grams slightly down by Rs 10.

While, silver for March delivery on MCX was trading at Rs 58,163 per kg, up by Rs 193 or 0.33%.

Spot bullion on the MCX was seen higher at Rs 30,360 per 10 grams, while Delhi spot gold of 99.9% and 99.5% purity was seen at Rs 30,840 and Rs 30,640 per 10 grams, respectively.

The rupee firmed up against US dollar, which plays an important role in determining the landed cost of the yellow metal, which is quoted in dollars.

Read more about: gold silver
Story first published: Thursday, January 10, 2013, 14:09 [IST]
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