Gold futures down 1.5% on rising rupee

Subdued spot demand and profit-booking by speculators put pressure on gold futures

Gold futures prices today fell by 1.52% to Rs 29,669 per 10 grams as speculators offloaded their positions, taking weak cues from the global market amid rising rupee.

 

Besides, subdued spot demand and profit-booking by speculators also put pressure on gold futures.

 

At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 459, or 1.52%, to Rs 29,669 per 10 grams in business turnover of 2,853 lots.

 

Similarly, metal prices for delivery in far-month December declined by Rs 430, or 1.44%, to Rs 29,526 per 10 grams in 291 lots.

 

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

 

Slackened demand at domestic spot markets and profit-booking by speculators, too put pressure on the prices, they said.

 

Globally, gold prices fell $4.20, or 0.32% to trade at $1,323.70 an ounce in Singapore.