The Fed's plan to taper its QE3 programme saw gold prices declining in trade with international prices heading for a six month low at $1186 an ounce.
On the MCX Gold for Feb delivery was trading marginally lower at Rs 28,345 down Rs 17. Silver on the other hand was also trading marginally higher at Rs 43,900, up Rs 31 on the MCX.
Gold is headed for its first fall in 13 years, as investors have shunned the metal in the last few months. A spectacular economic recovery around the globe has led to investors shifting their focus to equities and betting less on gold.
Markets across the globe have seen a spectacular rally as investors chase equities and shun gold. Indices like the S&P 500 and the German DAX have hit historic highs this week.
Unless there is some adverse news on the economic front or a geo-political tension it is unlikely that gold would recover anytime soon.
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