 "Gold futures dip below 26k level")
Extending early losses, gold prices fell further to trade below Rs 26,000 level by losing Rs 801 to Rs 25,758 per 10 gm in futures trade today on selling pressure amid a steep fall in overseas markets.
After a lower star, the selling pressure gathered momentum on reports of a steep fall in gold prices in international markets.
At the Multi Commodity Exchange, gold for delivery in August fell by Rs 801, or 3.01%, to Rs 25,758 per 10 gm in business turnover of 45,153 lots.
Market analysts said continued offloading of positions by speculators in tandem with a weak global trend mainly kept pressure to gold prices to trade below Rs 26,000 at futures.
The gold in London plunged to 34-month low, set for a record quarterly drop in global markets, as improving US economic data strengthened the case for the Federal Reserve to reduce stimulus.
Meanwhile, gold fell 4.2% to $1,224.18 an ounce, the lowest since August 24, 2010.
After a lower star, the selling pressure gathered momentum on reports of a steep fall in gold prices in international markets.
At the Multi Commodity Exchange, gold for delivery in August fell by Rs 801, or 3.01%, to Rs 25,758 per 10 gm in business turnover of 45,153 lots.
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Similarly, gold for the October contract dropped by Rs 795, or 2.97%, to Rs 25,900 per 10 gm in 1,596 lots.
Market analysts said continued offloading of positions by speculators in tandem with a weak global trend mainly kept pressure to gold prices to trade below Rs 26,000 at futures.
The gold in London plunged to 34-month low, set for a record quarterly drop in global markets, as improving US economic data strengthened the case for the Federal Reserve to reduce stimulus.
Meanwhile, gold fell 4.2% to $1,224.18 an ounce, the lowest since August 24, 2010.
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