Gold flat amid uncertain global cues

Gold was seen trading flat on Friday amid uncertainty prevailing in the global economic environment, particularly the fiscal cliff in the US.

Gold may gain in the event of an impasse between Democrats and Republicans, who fail to agree on a common ground to resolve the impending fiscal cliff in the US.

Worries over the eurozone economy persist, after the region went into a recession, which has helped support gold.

International gold was seen trading at $ 1,713 an ounce.

Gold futures for December contract 2012, on the Multi Commodity Exchange was trading at Rs 31,478 per 10 grams, higher by Rs 22 or 0.07% at 2.40 pm IST.

Silver futures for December delivery on MCX was trading lower by Rs129 at Rs 60,781 per kgs.

Delhi spot gold of 99.9% purity was seen at Rs 32,200 per 10 grams and gold of 99.5% was seen at Rs 32,000 per 10 grams.

Meanwhile, the World Gold Council, which said that the Indian market is showing signs of recovery as demand was up 9% to 223.1 tonnes from 204.8 tonnes in Q3 2011 following increases in both jewellery and investment demand.

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