Gold down 0.5% on global cues
Gold for delivery in December fell by 0.45%
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Gold prices moved down by 0.54% to Rs 28,513 per ten gram in futures trade today as speculators trimmed their positions, taking a weak cues from overseas markets.
At the Multi Commodity Exchange, gold for delivery in far-month February moved down by Rs 155, or 0.54%, to Rs 28,513 per ten gram in business turnover of 34 lots.
Similarly, gold for delivery in December fell by Rs 131, or 0.45%, to Rs 28,817 per ten gram in 2,064 lots.
Analysts said speculators trimmed their positions on weak global trend after US lawmakers reached an agreement to increase the debt ceiling and avert a government default, reducing demand for precious metals as a haven assets.
Meanwhile, gold lost 0.5% to USD 1,275.95 an ounce in Singapore.
At the Multi Commodity Exchange, gold for delivery in far-month February moved down by Rs 155, or 0.54%, to Rs 28,513 per ten gram in business turnover of 34 lots.
Similarly, gold for delivery in December fell by Rs 131, or 0.45%, to Rs 28,817 per ten gram in 2,064 lots.
Analysts said speculators trimmed their positions on weak global trend after US lawmakers reached an agreement to increase the debt ceiling and avert a government default, reducing demand for precious metals as a haven assets.
Meanwhile, gold lost 0.5% to USD 1,275.95 an ounce in Singapore.
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First Published: Oct 17 2013 | 1:22 PM IST