Gold, silver rallies tracking overseas uptrend

At Multi Commodity Exchange (MCX), gold futures for February delivery opened at Rs 27,701 per 10 grams and touched a high of Rs 27,769 per 10 grams during the initial part of the trade.

The metal for April delivery upsurged and crossed Rs 28,000-level.

Overseas spot gold seen trading above $1,600 a troy ounce after dropping more than 2.5% previous week.

Silver futures also rose slightly on MCX, silver for March delivery opened at Rs 53,000 per kg and was trading in the range of Rs 53,065 – Rs 53,074 per kg at 1:30 pm IST.

Further dollar has also dropped against major currencies driving metals up.

Indian Rupee traded high on Wednesday tracking the euro and other currencies overseas.

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