Gold futures slide by 1% as Fed hints at rate hike in Dec
Speculators reduced their bets amid a weak global trend
 "Gold futures slide by 1% as Fed hints at rate hike in Dec")
Gold futures today fell 0.98% to Rs 26,808 per 10 grams as speculators reduced their bets amid a weak global trend.
In futures trading at Multi Commodity Exchange, gold for delivery in December fell Rs 271, or 0.98%, to Rs 26,808 per 10 gram, in a business turnover of 1,909 lots.
Similarly, metal prices for delivery in far-month February 2016 declined Rs 156, or 0.94%, to Rs 27,039 per 10 gram in 33 lots.
Market analysts said the fall in gold futures is mostly attributed to trimming of positions by speculators, tracking a weak trend overseas after the US Federal Reserve indicated it will consider tightening policy at its December meeting, strengthening the dollar and reducing appeal of the precious metals.
Meanwhile, gold traded lower at $1,157.30 an ounce in Singapore today.
In futures trading at Multi Commodity Exchange, gold for delivery in December fell Rs 271, or 0.98%, to Rs 26,808 per 10 gram, in a business turnover of 1,909 lots.
Similarly, metal prices for delivery in far-month February 2016 declined Rs 156, or 0.94%, to Rs 27,039 per 10 gram in 33 lots.
Market analysts said the fall in gold futures is mostly attributed to trimming of positions by speculators, tracking a weak trend overseas after the US Federal Reserve indicated it will consider tightening policy at its December meeting, strengthening the dollar and reducing appeal of the precious metals.
Meanwhile, gold traded lower at $1,157.30 an ounce in Singapore today.
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First Published: Oct 29 2015 | 12:22 PM IST