Gold steady in the absence of major cues

Gold was trading steady in the absence of major cues. The metal for December delivery was last trading at Rs 30,165, marginally higher by Rs 32 on the MCX.

Silver was trading higher by Rs 17 at Rs 44,476.

Gold and silver have been trading steady after being rattled last week following comments from the Minutes of a Fed meeting on QE3 tapering.

The precious metal like equities will move in tandem with what happens on QE3 tapering. The Federal Reserve officials are set to meet next month and there are analysts who believe that the Fed could taper its QE3 in its December meeting. Read more about qe3 here

Indian gold prices have hovered in a range after rallying substantially following currency weakness in Sept. However, since then the metal has been more or less flattish, though global equities have rallied substantially.

GoodReturns.in