Gold futures down 0.3% on rising rupee

Gold futures prices today fell by 0.26% to Rs 29,787 per 10 grams as speculators offloaded their positions, taking weak cues from the global market amid rising rupee.

 

Besides, subdued demand at spot markets also put pressure on the prices.

 

At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 78, or 0.26%, to Rs 29,787 per 10 grams in business turnover of 490 lots.

 

Similarly, metal prices for delivery in far-month December declined by Rs 23, or 0.08%, to Rs 29,396 per 10 grams in 155 lots.

 

Analysts said the fall in gold futures was mostly attributed to a weak trend overseas and a rising rupee, which made dollar-quoted precious metal cheaper.

 

Slackened demand at domestic spot markets, too put pressure on the prices, they said.

 

Globally, gold prices fell 0.70% to trade at $1,323.80 an ounce in New York yesterday.