 "Gold falls by 1.4% amid weak global cues")
Amid a weakening global trend, gold futures traded lower by Rs 416 at Rs 29,224 per 10 gm today as speculators trimmed their positions.
Besides, profit-booking by speculators at existing levels weighed on the precious metal prices.
Gold for delivery in far-month June dropped Rs 416 or 1.40% to Rs 29,224 per 10 gm in a business turnover of 79 lots at the Multi Commodity Exchange.
Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where rally in the precious metal faltered as rising share markets and a firmer yuan eroded demand for the safe-haven as an alternative investment.
Meanwhile, gold prices fell 1.3% to $1,221.91 an ounce in Singapore today.
Besides, profit-booking by speculators at existing levels weighed on the precious metal prices.
Gold for delivery in far-month June dropped Rs 416 or 1.40% to Rs 29,224 per 10 gm in a business turnover of 79 lots at the Multi Commodity Exchange.
Also Read
In a similar fashion, the metal for delivery in April was trading down Rs 403, or 1.37% to Rs 28,983 per 10 gm in 1,398 lots.
Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where rally in the precious metal faltered as rising share markets and a firmer yuan eroded demand for the safe-haven as an alternative investment.
Meanwhile, gold prices fell 1.3% to $1,221.91 an ounce in Singapore today.
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 →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
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
SAVE 25%