ET:Gold futures fall in line with overseas markets
MUMBAI: Gold futures fell for a second straight day on Wednesday in line with overseas markets, and on a firmer rupee.
The most-active gold for February delivery was down 0.31 per cent at 29,151 rupees ($470) per 10 gram at 0955 GMT on the Multi Commodity Exchange (MCX), after losing 0.16 per cent in the previous session. The contract had struck its highest level in more than a month at 29,390 rupees on Monday.
Silver for March delivery was up 0.33 per cent at 44,332 rupees per kg on the MCX. Overseas gold was trading near its lowest in a week, after sharp overnight losses on speculation about further cuts to US stimulus measures and an improving outlook for the global economy.
The rupee, which traded stronger on Wednesday, plays an important role in determining the landed cost of the dollar-quoted yellow metal. Premiums were steady in the physical market.
"Premiums are at $110-115 an ounce as there is no excessive demand," said Bachhraj Bamalwa, director at the All India Gems and Jewellery Trade Federation.
Gold imports may have fallen 70 per cent in the final quarter of 2013 from 255 tonnes in the year-ago period and are expected to be half the usual levels at 500-550 tonnes in 2014 if new import rules are maintained, said a top trade body official.
Following were the prices of gold and silver in rupees as of 1315 local time in the spot market, quoted by HDFC Bank:
