Gold down Rs 97 in futures trade as global cues hurt
Traders pare positions as gold dips 0.2% in Singapore on expectations of US interest rate hike
 "Gold down Rs 97 in futures trade as global cues hurt")
Gold prices drifted Rs 97 to Rs 25,455 per 10 grams in futures trade today as participants pared their positions, largely in step with a weak trend overseas.
In futures trading, gold for delivery in February 2016 was trading Rs 97, or 0.38 per cent down, at Rs 25,455 per 10 grams at Multi Commodity Exchange with a business turnover of 251 lots.
April gold shed Rs 56, or 0.22 per cent, to Rs 25,603 per 10 grams in four lots.
Analysts said a weakening trend in the overseas markets where as investors anticipate an increase in US interest rates next week and the slump in oil reduces inflationary pressure and demand for the precious metal as hedge against rising prices, weighed on gold futures here.
Globally, gold fell 0.2 per cent to $1,069.90 an ounce in Singapore.
In futures trading, gold for delivery in February 2016 was trading Rs 97, or 0.38 per cent down, at Rs 25,455 per 10 grams at Multi Commodity Exchange with a business turnover of 251 lots.
April gold shed Rs 56, or 0.22 per cent, to Rs 25,603 per 10 grams in four lots.
Analysts said a weakening trend in the overseas markets where as investors anticipate an increase in US interest rates next week and the slump in oil reduces inflationary pressure and demand for the precious metal as hedge against rising prices, weighed on gold futures here.
Globally, gold fell 0.2 per cent to $1,069.90 an ounce in Singapore.
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First Published: Dec 08 2015 | 10:42 AM IST