Gold futures trade lower on global cues

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Gold futures trade lower on global cues
Gold and silver futures declined in electronic trading on Thursday following the similar global trend as worries over Europe's debt eased dampening the yellow metal sentiment.

International gold was trading at $1,608 an ounce. While, US Federal Reserve choose to stick to lose monetary easing supported the sentiment.

Sluggish physical buying also dampened the sentiments. Gold futures at the Multi Commodity Exchange were seen trading at Rs 29,640 per 10 grams lower by Rs 41 at 2.10 pm IST.

Silver futures for the May delivery were trading marginally lower at Rs 54,325 per kgs on the MCX.

On domestic front, purity of 99.9% gold in Delhi was seen at Rs 30,250 per 10 grams and 99.5% spot gold was seen at Rs 30,050 per 10 grams.

Despite fall in prices last week, buyers refrained from gold purchases in expectations of bigger fall.

Wild swings in gold prices have tarnished its reputation as a safe haven, and bullion has moved in tandem with riskier assets in the past months.

Read more about: gold, futures
Story first published: Thursday, March 21, 2013, 14:31 [IST]
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