Gold futures down by 0.6% on weak global cues
Speculators offloaded their positions, tracking a weak global trend
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Gold futures prices today fell by 0.65% to Rs 24,600 per 10 grams as speculators offloaded their positions, tracking a weak global trend.
Gold for delivery in August fell by Rs 161, or 0.65% to Rs 24,600 per ten gram at the Multi Commodity Exchange, gold prices for delivery in a business volume of 13 lots.
Similarly, metal prices for delivery in far-month October declined by Rs 152, or 0.61%, to Rs 24,770 per ten grams in 575 lots.
Analysts said the fall in gold futures was mostly attributed to trimming of positions by speculators, tracking a weak trend overseas as the US interest-rate outlook buoyed the dollar, eroding appeal of the precious metal as an alternative investment.
Meanwhile, gold traded 0.10% lower at $1,084.30 an ounce in Singapore today.
Gold for delivery in August fell by Rs 161, or 0.65% to Rs 24,600 per ten gram at the Multi Commodity Exchange, gold prices for delivery in a business volume of 13 lots.
Similarly, metal prices for delivery in far-month October declined by Rs 152, or 0.61%, to Rs 24,770 per ten grams in 575 lots.
Analysts said the fall in gold futures was mostly attributed to trimming of positions by speculators, tracking a weak trend overseas as the US interest-rate outlook buoyed the dollar, eroding appeal of the precious metal as an alternative investment.
Meanwhile, gold traded 0.10% lower at $1,084.30 an ounce in Singapore today.
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First Published: Aug 04 2015 | 10:48 AM IST