Tracking a weak global trend, gold prices fell 0.33 per cent to Rs 31,061 per ten grams at the futures market today as speculators off-loaded their positions.
On the Multi Commodity Exchange, gold for delivery in October fell Rs 104 or 0.33 per cent to Rs 31,061 per ten grams in a business turnover of 788 lots.
Similarly, the yellow metal for delivery in far-month December lost Rs 51 or 0.16 per cent to Rs 30,930 per ten grams in 89 lots.
Market analysts said the fall in gold futures was mostly attributed to a weak trend in the global market as investors awaited minutes from the US central bank’s July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps.
They said, however, the falling rupee which made imports costlier, limited the fall.
Meanwhile, gold in Singapore dropped 0.28 per cent to $1,361.80 an ounce.
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.