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This is an archive article published on February 28, 2012

Gold futures prices down in futures trade

Gold futures prices declined marginally by Rs 36 to Rs 29,078 per 10 grams today due to a weakening trend overseas as strengthening dollar curbed the demand for the precious metal.

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Gold futures prices declined marginally by Rs 36 to Rs 29,078 per 10 grams today due to a weakening trend overseas as strengthening dollar curbed the demand for the precious metal.

At the Multi Commodity Exchange,gold for delivery in June fell by Rs 36,or 0.12 per cent,to Rs 29,078 per 10 grams,with a business turnover of 22 lots.

Similarly,the metal for delivery in April lost Rs 31,or 0.11 per cent,to Rs 28,709 per 10 grams,with a trade volume of 460 lots.

Analysts said the fall in gold prices at futures trade was mostly due to a weakening trend overseas after Standard amp; Poor8217;s cut Greece8217;s credit rating,weakening the euro against the dollar and damping demand for alternative investments.

Meanwhile,gold was quoted a shade lower at USD 1,767.97 an ounce in early trade today in Singapore.

 

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