Gold on the MCX dipped marginally below the Rs 29,000 mark for Feb delivery and was last trading at Rs 28,800.
Gold and silver have been trading in a range in the last few months, after international gold prices dropped for the first time in 12 years. Dealers say that gold will continue to trade in a range in the absence of any major triggers.
The next important trigger for the metal would be the Fed Minutes of the FOMC meeting due later this week. Any hints of further cutting of the Fed's QE3 programme would continue to put pressure on gold prices.
In India gold prices have not fallen substantially like the international prices of gold as the falling rupee has checked any sharp fall in the value of the precious metal. Physical demand in India fell sharply after the government unleashed a series of measures to curb gold imports.
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