Gold was trading steady on the MCX in the absence of any major cues. Gold for Feb delivery was trading at Rs 29,226, down Rs 62.
Silver was trading at Rs 44,830, down Rs 194 on the MCX.
After hitting a six week high on Monday gold saw some profit booking today. Gold has begun the year on a much better note, after falling for the first time in 12 years in 2013. Poor non farm payrolls data released earlier this month raised hopes that the Fed would continue its QE3 easing programme, pushing gold prices higher. Read more about QE3 here
Gold is expected to now take cues from the forthcoming Fed meeting due later this month. Any further measures to ease QE3, may put pressure on gold prices.
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