Gold futures weaken on global cues

At the Multi Commodity Exchange,gold for delivery in August fell by Rs 274 to Rs 29,497 per 10 grams.

Written by Agencies | New Delhi | Published:June 8, 2012 10:57 am

Gold futures prices on Friday fell by 0.59 per cent to Rs 29,497 per 10 grams as speculators reduced their positions,tracking a weakening trend overseas.

Fall in demand at the spot market at prevailing levels also weighed on gold futures prices.

At the Multi Commodity Exchange,gold for delivery in August fell by Rs 274,or 0.59 per cent,to Rs 29,497 per 10 grams,with a business turnover of 757 lots.

In a similar fashion,the yellow metal for delivery in October shed Rs 163,or 0.55 per cent,to Rs 29,508 per 10 grams in 37 lots.

Meanwhile,gold slipped from record levels with prices falling by Rs 200 to Rs 30,200 per 10 grams at spot markets in the national capital yesterday.

Analysts said a weak trend in global markets after US Federal Reserve Chairman gave no hint on imminent stimulus,disappointing investors and dampening the appeal of precious metal as a hedge against monetary easing,put pressure on gold futures here.

Globally,gold lost 1.4 per cent to USD 1,566.88 an ounce in Singapore.

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results
    Express Adda