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Journalism of Courage
Gold prices fell by Rs 222,or 1.18 per cent,to Rs 18,670 per ten gram in futures trade,as traders reduced their positions,driven by overnight steep fall in the metal prices overseas.
At the Multi Commodity Exchange platform,gold for delivery in February,traded Rs 222,or 1.18 per cent down,at Rs 18,670 per ten gram,after dipping to Rs 18,523 per ten gram. It clocked a business turnover of three lots.
The gold for delivery in August contract also traded Rs 199,or 0.53 per cent down,at Rs 18,433 per ten gram,after touching a low of Rs 18,433,with a turnover of 3,513 lots. It ended 1.7 per cent down,at Rs 18,532 per 10 grams in Thursday’s session.
Similarly,gold for October contract fell by Rs 90,or 0.48 per cent,to Rs 18,531 per ten gram,with a turnover of 218 lots.
Market analysts said the fall in gold futures was due to fresh selling by traders,after the yellow metal tumbled in global markets on signs that Europe’s financial industry may be in better shape than estimated,curbing demand for the metal as a safe-haven investment.
Meanwhile,gold plunged 3.46 per cent,to USD 1,194.40 an ounce in th previous session in New York.
