The precious metal has lost 2.6 percent
so far this week, after pulling further away from a five-month high
set on Jan. 22.
Gold futures for February 2015 contract, at
MCX, were trading at Rs. 27,756 per 10 grams, down by 0.01 per cent
after opening at Rs. 27,729 against the previous closing price of Rs.
27,759. It touched the intra-day low of Rs. 27,729 till the trading. Spot gold prices declined by more than
2 percent on Thursday to close at $1256.5/oz after the Federal
Reserve signaled it was still on track to lift U.S. interest rates
this year. On the MCX gold prices declined by
1.22 percent and closed at Rs.27419/10 gms.
US gold for delivery in February gained
half a percent to USD 1,260.90 an ounce, after tumbling 2.4 percent
on Thursday.
Silver prices declined heavily by
around 6 percent on Thursday to close at $16.9/oz. The fall in gold
prices is exerting downside pressure on silver prices. Strength in
the dollar and weak base metals pack further dragged prices.
On the MCX, silver prices declined by
around 5.5 percent and closed at Rs.37286/kg.
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