 "Gold, silver opens flat on MCX, trading with downward bias")
Gold On Multi Commodity Exchange has opened flat due to depreciation in the rupee. Gold internationally is currently trading flat, but last night saw a 3.4% fall. However, gold is now trading with a negative bias due tracking yesterday's fall.
Gold on MCX is trading at Rs 30,047, per 10 grams, flat on MCX. However, it hit a low of Rs 29,994 per 10 grams in early trade.
Gold on the international market witnessed a sharp fall due to supportive economic data from US as well as concerns over QE tapering by Federal reserve in their next meeting which is scheduled to happen next week has put pressure on the yellow metal.
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Gold in last night's trade fell by 3.4% to $1320.2 per ounce.
"I expect gold to trade flat with a negative bias till the end of the week, silver is also expected to trade flat," said Dharmesh Bhatia, AVP, Kotak Commodity Services.
Silver, also opened flat on MCX due to rupee depreciation however, it saw a six% decline internationally last evening as it followed gold.
Silver is currently trading with a dowmward bias taking cues from last night's trade.
Silver on MCX is currently trading at Rs 50,230 per kilogram, down by 0.5%.