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Gold moves down in futures trade

Gold prices fell by Rs 49 to Rs 28,512 per 10 gm in futures trade.

Written by Agencies | New Delhi | Published: April 17, 2012 2:37:32 pm

Gold prices fell by Rs 49 to Rs 28,512 per 10 gm in futures trade today largely in tandem with a weak trend in overseas markets.

Trading sentiment dampened as gold dropped for a third day in global markets on concern that the European debt crisis will further weaken the euro against the dollar,trimming demand for the metal.

At the Multi Commodity Exchange,gold for delivery in June fell by Rs 49,or 0.17 per cent,to Rs 28,512 per 10 gm in business turnover of 4,971 lots.

Similarly,the metal for delivery in August contract shed Rs 46,or 0.16 per cent,to Rs 28,920 per 10 gm in 272 lots.

Analysts said besides,weakening global trend,sluggish demand at prevailing higher levels in the spot market mainly kept pressure on gold prices at futures trade.

Meanwhile,gold lost 0.3 per cent to USD 1,646.30 an ounce in Singapore.

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