International gold dropped and ended flat on Friday, with spot gold seen at $1,667 an ounce. Gold sentiment was affected after US equities gained on the hopes of the economic recovery after encouraging international trade data.
Gold futures on the MCX was seen trading at Rs 30,815 per 10 grams, higher by Rs 20 at 2.10 pm IST. Silver futures was at Rs 58,199 per kgs, lower by Rs 13 on the MCX.
Mumbai spot gold of 99.9 and 99.5% purity was at Rs 30,910 and Rs 30,775 per 10 grams, respectively.
As per Kitco News Gold Survey, out of 33 participants, 24 responded this week. Of those 24 participants, 12 see prices up, while four see prices down, and eight see prices moving sideways.
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.