Gold, silver down tracking global cues

Gold futures were seen trading lower on Thursday tracking weak global trend, gold futures for October contract on Multi Commodity Exchange was seen trading at Rs 31,912 per 10 grams, lower by 0.33% at 2.15 pm IST.

Gold futures for December 2012 contract, was seen trading lower at Rs 32,233 per 10 grams on MCX.

Spot gold on MCX was seen trading at Rs 31,958 per 10 grams, while silver was seen trading at Rs 61,930 per kg.

MCX silver futures was lower by Rs 371 per kg, and was trading at Rs 64,109 per kg. Mumbai spot silver of 999% purity was seen at Rs 63,690 per kg.

Silver is valued as a commodity also along with an investment. Supply-demand factor plays a major role while determining the price of the silver.

Overseas spot gold came down from six-month high as buying euphoria following a quantitative easing programme announcement in the US finally eased. International gold was seen hovering at $ 1,764 an ounce.

Last week yellow metal surged after the Federal Reserve announced third round of quantitative easing, which tempted investors to book profit due to sharp increase in the metal.

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