Gold futures prices today fell by Rs 173 to Rs 29,788 per 10 grams as speculators offloaded their positions, tracking a weak trend in the New York market.
Trading sentiments turned bearish as gold fell to the lowest in almost four weeks in global markets amid signs of slowing US growth and strengthening of dollar on speculation that European Union leaders will struggle to solve the debt crisis.
At the MCX, gold for delivery in October fell by Rs 173, or 0.58%, to Rs 29,788 per 10 grams in business turnover of 1,100 lots.
The August contract declined by Rs 167, or 0.56%, to Rs 29,485 per 10 grams in 21,183 lots.
Market analysts said apart from weak trend in New York, fall in demand at prevailing higher levels mainly pulled down gold prices at futures trade.
Meanwhile, gold fell by USD 22.20 to USD 1,552 an ounce in New York last night.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app