Gold, silver trade soft on MCX

Gold futures exhibited a steady trend on Saturday in trading on the Multi Commodity Exchange. Gold for April delivery was down marginally by Rs 20 at Rs 28,099 per 10 grams, at 02.22 pm IST.

Silver for May delivery on the MCX was trading at Rs 57,060 per kg, down Rs 143.

Gold and silver remained steady in the absence of any major global cues.

The partially convertible Indian Rupee depreciated this week and breached the 51 mark, making gold more expensive for buyers taking physical quantities.

Of late, gold has witnessed a more sagging trend, as equities have rallied across the globe and the penchant for riskier assets, has replaced gold. Precious-metals are slowly losing their safe-haven tag.

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