Gold futures down on global trends

MCX December contract falls 1.65 per cent

Gold futures on the Multi Commodity Exchange (MCX) were down today, tracking international bearish trends on the back of declining crude oil prices, and dollar rising against major currencies.

Crude oil prices have weakened on reports that the Organization of Petroleum Exporting Countries (Opec) may decide to raise output by 500,000 barrels a day at its December 5 meet.

Key US economic data on existing home sales and durable goods, to be released later today, may further weigh down yellow metal prices, they added.

"London spot gold is expected to see support at $793 an ounce and face resistance at $810 an ounce today," said Harmeet Virvadia, analyst, Angel Broking.

Gold was among top losers on MCX in early trade. December gold on MCX may find support at Rs 10,150 per 10 gm today, said Virvadia.

Meanwhile, weak demand for gold in the domestic market is further pulling down prices.

"No one is ready to buy gold above Rs 10,000 per 10 gm," said Dhiraj Kothari, technical analyst, Brics Securities.

At 4:35 pm, MCX December contract was at Rs 10,215 per 10 gm, down 1.65% from Tuesday.

The February contract was at Rs 10,294 per 10 gm, down 1.63%.

Silver is also expected to remain weak, in line with gold trends, and move in a band of Rs 18,700-19,200 a kg. At 4:35 pm, December silver was at Rs 18,763 a kg, down 1.28% from the previous close.