NEW DELHI:
Gold prices suffered losses in futures trade on Thursday as strong gains in equities eroded the appeal of the yellow metal as a safe-haven asset.
Rupee's rise against the US dollar also exerted pressure on gold prices while lacklustre trend overseas further weighed on.
The
rupee climbed 29 paise against the US dollar today. A strong rupee brings gold prices down and spurs consumption in the country.
Gold prices were steady in
international markets on dollar's rise, while bullion investors looked for a direction after the minutes of the US Federal Reserve meeting indicated that there was no hurry in cutting rates,
Reuters reported.
Silver prices also fell, pressured by a slump in demand by industrial units and coin makers.
The MCX Gold was trading at Rs 31,315 per 10 grams, down by Rs 107, while MCX Silver was trading at Rs 36,150 a kilo, down by Rs 159 around 11 am.