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Journalism of Courage
Tracking a weak global trend,gold prices fell by 0.71 per cent to Rs 26,663 per 10 gm in futures trade today as speculators offloaded their positions.
At the Multi Commodity Exchange,gold for delivery in August fell by Rs 191,or 0.71 per cent,to Rs 26,854 per 10 gm in business turnover of 1,521 lots.
Similarly,the yellow metal for delivery in the June contract declined by Rs 183,or 0.69 per cent,to Rs 26,524 per 10 gm in 26,416 lots.
At the spot market,gold prices fell sharply by Rs 600 to Rs 27,300 per 10 gm in the national capital.
Market analysts said speculators offloaded their positions in tandem with a weak global trend as stronger dollar curbed demand for an alternative investment,mainly influenced gold prices at futures trade.
Besides,a weak trend in the domestic spot markets also kept pressure on gold prices,they said.
Meanwhile,gold fell 1.2 per cent to USD 1,408.53 an ounce,the lowest since April 23 in London.
