Gold futures marginally down

Gold futures prices declined marginally by Rs 33, or 0.12%, to Rs 27,477 per 10 grams today, as speculators booked profits at existing levels amid a weakening trend in the Asian region.

At the Multi Commodity exchange, gold for delivery in February fell by Rs 33, or 0.12%, to Rs 27,477 per 10 grams, with a business turnover of 1,306 lots.

The metal for delivery in far-month April also fell by similar margin to Rs 27,850 per 10 grams, with a trade volume of 158 lots.

Analysts said a weakening trend in the Asian region and a stronger rupee, which rose to hit a 10-week high against the American currency, mainly weighed down on gold futures prices here.

 

Rupee plays an important role in determining the landed cost of the dollar-traded precious metal.

Meanwhile, gold dropped by 0.30% to $1,672.25 an ounce in early trade today in Singapore.