MCX BULLION UPDATES

Bullion metals ended lower at Comex on Wednesday, 07 November 2012. While gold ended marginally lower, silver ended modestly lower. Prices dropped due to strength in the U.S. dollar as economic and financial concerns in Europe sank the euro. But win for President Obama to serve as America's president for second time kept the losses under check.
Gold for December delivery fell $1 (0.1%) to settle at $1,714 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
On Wednesday, December silver fell 37 cents, or 1.2%, to settle at $31.66 an ounce on Wednesday.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% at the end of the day.
US equities opened the session sharply lower on Wednesday after Barack Obama was reelected to a second term as President. Adding to the bearish sentiment were comments from European Central Bank President Mario Draghi, who said that the European debt crisis is starting hurt the German economy. The negative outlook was confirmed by this morning's Eurozone Autumn Forecast, which also pointed to an expected slowdown in the German economy.
And in Brussels, the European Commission said the euro-zone economy will expand only 0.1% in 2013, down from a May projection of 1%. In Greece on Wednesday, the coalition government of Prime Minister Antonis Samaras is looking for parliamentary approval of austerity measures needed for the nation to get its next round of rescue funds.
At the MCX, gold prices for December delivery closed lower by Rs 67 (0.2%) at Rs 31,206 per ten grams. Prices rose to a high of Rs 31,444 per 10 grams and fell to a low of Rs 31,022 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed lower by Rs 658 (1.1%) at Rs 59,252/Kg. Prices opened at Rs 60,000/kg and fell to a low of Rs 58,385/Kg during the day's trading.