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Gold, silver trade flat on MCX

Gold, silver trade flat on MCX
Gold futures were seen trading lower on Saturday, gold futures for February 2012 contract, on MCX trading flat around Rs 30,582 per 10 grams at 12.50 pm IST.

MCX silver futures were trading marginally lower, silver for March delivery was seen trading at Rs 59,381 per kg.

On Friday, international spot gold edged lower, after rallying following positive economic data from China. Spot gold was seen at $1, 684 an ounce.

Marketsmen believe that expectations on the Federal Reserve would continue its monetary stimulus will keep gold attractive.

Gold is considered to be a safe investment during economic instability.

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

As per the Kitco News Gold Survey, Of those 26 participants, 18 see prices up, while three see prices down, and five are remained neutral. gold prices could try to take out the $1,700 area next week. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.

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