 "Gold prices fall by 0.3% in futures trade")
Falling for the second day, gold prices declined by Rs 85, or 0.34%, to Rs 24,949 per 10 grams due to speculative selling after weak global cues.
At the Multi Commodity Exchange, gold for delivery in August shed Rs 85, or 0.34%, to Rs 24,949 per ten grams in business turnover of 323 lots.
In a similar fashion, the metal for delivery in far-month October fell by Rs 80, or 0.32%, to Rs 25,163 per ten grams in 25 lots.
A strong dollar, trading at three-month high against basket of currencies overseas on expectations the Federal Reserve will raise rates this year, eroded demand for the precious metal as an alternative investment.
Globally, gold plunged 3.14% to $1,097.70 an ounce in New York yesterday.
At the Multi Commodity Exchange, gold for delivery in August shed Rs 85, or 0.34%, to Rs 24,949 per ten grams in business turnover of 323 lots.
In a similar fashion, the metal for delivery in far-month October fell by Rs 80, or 0.32%, to Rs 25,163 per ten grams in 25 lots.
Also Read
Analysts said sustained fall in the metal's prices at futures trade was mostly in tandem with global sell-offs.
A strong dollar, trading at three-month high against basket of currencies overseas on expectations the Federal Reserve will raise rates this year, eroded demand for the precious metal as an alternative investment.
Globally, gold plunged 3.14% to $1,097.70 an ounce in New York yesterday.
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%