Gold slips to Rs 20,291 per 10 grams

Gold futures prices drifted by Rs 52 to Rs 20,291 per 10 grams in futures trade as speculators reduced their positions.

Gold futures prices drifted by Rs 52 to Rs 20,291 per 10 grams in futures trade as speculators reduced their positions,driven by a weakening global trend.

Sentiment turned bearish as the gold dropped from a two-week high in Asia,as an economic recovery eroded the appeal of the precious metal as an alternative investment.

At the Multi Commodity Exchange counter,gold for delivery in April fell by Rs 52,or 0.26 per cent,to Rs 20,291 per 10 grams,with a business turnover of two lots.

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Likewise,the metal for delivery in February,lost Rs 28,or 0.19 per cent,to Rs 20,058 per 10 grams,with a business turnover of two lots.

Market analysts said speculators reduced their positions after a weakening trend in Asia,led to the fall in gold prices at the futures trade.

Meanwhile,gold declined 0.3 per cent to USD 1,350.02 an ounce in Asia.

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