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Gold, silver inches up on MCX

Gold, silver inches up on MCX
Gold and silver futures were trading higher on the Multi Commodity Exchange. A recent dip in price of gold attracted bargain hunters on the commodity street.

Gold futures for April contract opened was trading at Rs 29,599, higher by Rs 112 on the MCX at 1.10 pm IST.

Silver futures were seen trading higher by Rs 398 at Rs 53,702 per kgs.

Gold had fallen through the week, especially after reports of the Minutes of the Federal Reserve meeting which suggested that there could be an end to the Fed's asset buying programme earlier then expected.

While depreciating rupee against US dollar has helped prices to move up on domestic front.

International gold was seen at $1,580, the range was still much below US$ 1,700-mark.

Investors are cautious against taking any major move, as the they eye on Italian elections and Ben Bernanke testimony.

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