Journalism of Courage
Gold futures prices today moved down by 0.50 per cent to Rs 30,006 per 10 grams,after participants offloaded partial positions,taking weak cues from the global market.
Besides,a weak trend at the domestic spot markets as demand declined at prevailing levels also put pressure on prices.
At the Multi Commodity Exchange,gold for delivery in December eased by Rs 152,or 0.50 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 in yesterday’s trade.
Market analysts said besides subdued domestic demand,a weak trend in the overseas markets on speculation that the US Federal Reserve will begin scaling back monetary stimulus as the economy improves,mainly weighed on gold prices at futures trade here.
Globally,gold fell 0.7 per cent to USD 1,335.50 an ounce in Singapore today.
