Gold futures down despite firm overseas trend

Gold futures reversed morning gains and was seen trading lower on the Multi Commodity Exchange despite firm overseas trend.

The gold for December delivery contract was seen trading at Rs 31,669 per 10 grams, lower by 0.16% on MCX at 2.05 pm IST.

While, the gold for February 2013 delivery was trading at Rs 32, 079 per 10 grams, lower by Rs 30.

International gold was seen firm trading at $1,727 an ounce. Gold edged up as euro recovered against dollar. However, gold may rise on worries over "fiscal cliff".

On Tuesday, gold fell in special Muhurat trading as traders preferred to book profits at prevailing levels.

Silver futures for December delivery on MCX was trading higher by Rs 237 at Rs 61,041 per kgs.

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