Gold falls by 0.5% on global cues
Speculators trimmed their positions amid a weak global trend
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Gold was down Rs 132 to Rs 24,779 per 10 grams in futures market today as speculators trimmed their positions amid a weak global trend.
At the Multi Commodity Exchange, gold for delivery in October fell by Rs 132, or 0.53%, to Rs 24,779 per 10 grams in a business turnover of 298 lots.
Similarly, the yellow metal for delivery in August lost Rs 120, or 0.49%, to Rs 24,598 per 10 grams in 377 lots.
Analysts said the fall in gold futures was mostly due to a weakening trend in the global market where the precious metal headed for its biggest monthly drop in two years as the US economy expanded at a faster pace in the second quarter, bolstering expectations of an increase in rates this year.
Meanwhile, gold in Singapore dropped 0.3% to $1,085.45 an ounce.
At the Multi Commodity Exchange, gold for delivery in October fell by Rs 132, or 0.53%, to Rs 24,779 per 10 grams in a business turnover of 298 lots.
Similarly, the yellow metal for delivery in August lost Rs 120, or 0.49%, to Rs 24,598 per 10 grams in 377 lots.
Analysts said the fall in gold futures was mostly due to a weakening trend in the global market where the precious metal headed for its biggest monthly drop in two years as the US economy expanded at a faster pace in the second quarter, bolstering expectations of an increase in rates this year.
Meanwhile, gold in Singapore dropped 0.3% to $1,085.45 an ounce.
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First Published: Jul 31 2015 | 11:48 AM IST