Gold futures prices moved down by 0.5 per cent to Rs 30,006 per 10 grams today, after participants offloaded partial positions, taking weak cues from the global market.
Besides, a weak trend at the domestic spot market as demand declined at the prevailing levels also put pressure on prices.
On the Multi Commodity Exchange, gold for delivery in December eased by Rs 152 or 0.5 per cent to Rs 30,006 per 10 gm in a business turnover of 459 lots. Likewise, the metal for delivery in far-month February shed Rs 170 or 0.41 per cent to Rs 29,700 per 10 gm in 13 lots.
In the national capital, gold prices dropped Rs 220 to Rs 31,710 per ten gram yesterday.
Market analysts said besides subdued domestic demand, a weak trend in the overseas market on speculation that the US Federal Reserve will begin scaling back monetary stimulus as the economy improves, mainly weighed on gold prices at the futures trade here.
Globally, gold fell 0.7 per cent to $1,335.50 an ounce in Singapore today.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.