Gold prices declined by nearly 1.76 per cent in futures trading today on reduced offtake by traders in view of a weakening global trend.
The gold for June-month contract fell by 1.76 per cent at Rs 14,248 per ten gram on the Multi Commodity Exchange at 1730 hrs, clocking a trading volume of 1,472 lots.
Similarly, the metal for August contract fell by 1.74 per cent to Rs 14,262 per ten gram in a trading volume of 100 lots.
Marketmen said traders refrained from buying gold at existing higher levels amid reports of a falling trend in international markets.
They said gold fell in London, heading for the steepest weekly decline in two months, as a rally in equities reduced the metal’s appeal as an alternative investment.
The market, which opened at 1700 hours for half-day trading due to "Labour Day", recorded a moderate business volumes.
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