Gold, silver advances on MCX

Gold and silver futures on Multi Commodity Exchange (MCX) were trading higher after the affect of quantitative easing faded. MCX gold for June delivery was seen up by Rs 119 at Rs 28,199 per 10 grams at 2.50 pm IST.

Similarly gold for August delivery was seen at Rs 28,581 per 10 grams up Rs 121. Silver for May delivery was up by Rs 245 at Rs 56,221 per kgs.

Jewellers and bullion traders withdrew a 21 day strike after they received an assurance on a roll back of excise duty on unbranded jewellery by Finance Minister Pranab Mukherjee. Jewellers shops are open once again after 21 days, on hopes of a rollback.

Domestic gold and international gold fell on Wednesday after the minutes of the Federal Open Market Committee (FOMC) meeting of March 13 did not suggest any push for Quantitative Easing 3 (QE3).

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