Gold futures down marginally on weak global cues
Strengthening of the dollar dampens demand for safe-haven gold
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<a href="http://www.shutterstock.com/pic-70309495/stock-photo-background-with-gold-of-coins.html" target="_blank">Gold</a> image via Shutterstock
Gold futures fell 0.08% to Rs 27,672 per 10 grams today as speculators reduced their exposures amidst a weak global trend.
At the Multi Commodity Exchange, gold for delivery in far-month October fell by Rs 21, or 0.08%, to Rs 27,672 per 10 grams in a business turnover of 28 lots.
August gold eased by Rs 16, or 0.06%, to Rs 27,632 per 10 grams in 712 lots.
Market analysts said the fall in gold futures was mostly in line with a weak trend overseas as the outlook for higher borrowing costs in the US strengthened the dollar and damped demand for safe-haven gold.
Meanwhile, gold prices fell by 1.01% to $1,293.60 an ounce in New York yesterday's trade.
At the Multi Commodity Exchange, gold for delivery in far-month October fell by Rs 21, or 0.08%, to Rs 27,672 per 10 grams in a business turnover of 28 lots.
August gold eased by Rs 16, or 0.06%, to Rs 27,632 per 10 grams in 712 lots.
Market analysts said the fall in gold futures was mostly in line with a weak trend overseas as the outlook for higher borrowing costs in the US strengthened the dollar and damped demand for safe-haven gold.
Meanwhile, gold prices fell by 1.01% to $1,293.60 an ounce in New York yesterday's trade.
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First Published: Jul 16 2014 | 12:03 PM IST