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This is an archive article published on June 18, 2012

Gold futures declines on weak global cues

Gold prices fell by 0.52 per cent to Rs 29,997 per 10 grams in futures trade today as speculators reduced their positions in tandem with a weak trend overseas.

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Gold prices fell by 0.52 per cent to Rs 29,997 per 10 grams in futures trade today as speculators reduced their positions in tandem with a weak trend overseas.

Further,fall in spot demand in the domestic markets also put pressure on the gold futures here. At the Multi Commodity Exchange,gold for delivery in August fell by Rs 157,or 0.52 per cent,to Rs 29,997 per 10 grams,with business turnover of 1,313 lots.

Similarly,the metal for delivery in October lost Rs 135,or 0.44 per cent,to Rs 30,320 per 10 grams,with an open interest of 84 lots.

Market analysts attributed the fall in gold futures to a weakening global trend where the metal snapped six-day winning streak as worries over Greek8217;s exit from the eurozone subsided,reducing the metal8217;s appeal as a safe-haven. Besides,a weak trend in the domestic spot markets due to fall in demand at prevailing record levels also put pressure on gold futures prices,they said.

Meanwhile,in Singapore,gold fell as much as 1.3 per cent to USD 1,606.72 ounce,the lowest level since June 13.

 

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