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Gold steady; investors eye ECB meet

Gold steady; investors eye ECB meet
Overseas spot gold was seen steady ahead of the European Central Bank meet, as investors are looking for hints from the bank for further direction.

Analysts expect that ECB will leave interest rates unchanged. Any hints of monetary easing by ECB President Mario Draghi will benefit gold, which is considered a hedge against inflation. International gold was seen at $1,678 an ounce.

In India, the drop in gold prices may attract gold buyers ahead of the wedding season.

Gold on the Multi Commodity Exchange opened at Rs 30,721 per 10 grams and was seen trading steady at Rs 30,756 at 1.50 pm IST.

MCX silver futures were seen flat recovering morning losses, silver for March delivery was seen trading at Rs 58,397 per kg.

Spot gold on MCX was seen marginally up at Rs 30,400 per 10 grams.

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.

Read more about: gold ecb mcx
Story first published: Thursday, February 7, 2013, 14:02 [IST]
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