Gold dips below 26,000-mark on global cues

Gold prices slipped below Rs 26,000 mark by falling Rs 51 in futures trade today after the precious metal plunged to over three-month lows in global market.

At the Multi Commodity Exchange, gold for delivery in August month contracts fell below the 28,000-mark by falling Rs 51 or 0.20% at Rs 25,981 per 10 grams in a business volume of 400 lots.

Also, the metal for delivery in far-month October month was trading Rs 33 or 0.13% down at Rs 26,239 per ten grams in five lots.

Analysts said a weak trend in the overseas markets where gold fell traded near the lowest level since March as a China-led equity-market rout across Asia and the crisis in Greece boosted the dollar, reducing appeal of the precious metal, weighed on its prices at futures trade here.

Globally, gold was trading lower at $1,153.72 an ounce in Singapore today from $1,155.26 a day earlier. The metal sank as much as 1.9% yesterday $1,148.13, the lowest since March 18.