Gold prices stay flat amid thin demand as overseas rate eases

MUMBAI: Gold traded flat in early noon trade on domestic commodity bourse MCX on August 12, reflecting the drop in overseas spot price as tension eased in the Middle East and Ukraine.

MCX gold for October delivery, which closely reflects the spot rate, traded at Rs 28,630 per 10 gm, Rs 3 below the closing price on the previous day.

The overseas spot price of $1,308.67 an ounce (32 gm) quoted below its three-week high of $1,322.80 on August 8.

Harshad Ajmera of Kolkata-based JJ Gold House, a gold dealer, says prices of the precious metal are likely to remain range-bound until demand picks up by next week to coincide with the onset of festivals like Janmashtami.