Gold lacklustre in global trading

Gold dropped below $1680 an ounce, after rallying past the $1700 mark during the early part of the week, after broad hints from Federal Chairman, Ben Bernanke on quantitative easing had seen the precious metal spike.

Any hints of monetary easing could see fresh positions in gold being created.

Back in India, gold for April delivery on the Multi Commodity Exchange (MCX) at 2.22 pm IST, was trading at Rs 28,215.00 per 10 grams up Rs 65.

Gold's cousin silver for May delivery on MCX was trading at Rs 57,198 per kgs down Rs 207.

A few Indian jewellers continue to remain on strike, though the government has decided to examine their demands. Jewellers have been unhappy ever since there was fresh levy of excise and duties on gold and unbranded jewellery in the Union Budget of 2012-2013.

Globally, a lot of money is flowing into riskier assets like equity, which is taking some sheen out of gold.

GoodReturns.in