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Gold futures soften by 0.41% on low demand

Press Trust of India  |  New Delhi 

Gold prices softened by 0.41 per cent to Rs 30,518 per 10 grams in futures trading Thursday as participants trimmed positions, taking negative cues from spot on sluggish demand despite a firm trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month February fell by Rs 126, or 0.41 per cent to Rs 30,518 per ten grams in business turnover of 508 lots.

Likewise, the for delivery in December contracts was trading lower by Rs 119, or 0.39 per cent to Rs 30,315 per ten grams in 880 lots.

analysts said cutting down of positions by speculators amid easing demand in the spot market, mainly led to decline in gold prices at futures trade.

They said, however, better trend overseas where gold prices firmed on Thursday as the dollar faltered following dovish comments from Jerome Powell, calming investor concerns over the pace of rate hikes, capped the fall.

Globally, gold prices rose 0.29 per cent to USD 1,224.20 an ounce in Singapore Thursday.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 29 2018. 11:55 IST