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HindustanTimes Tue,02 Sep 2014

Gold futures down 0.26 % on rising rupee

PTI  New Delhi, September 27, 2013
First Published: 13:14 IST(27/9/2013) | Last Updated: 13:16 IST(27/9/2013)

Gold futures prices on Friday fell by 0.26 % to Rs. 29,787 per 10 grams as speculators offloaded their positions, taking weak cues from the global market amid rising rupee.

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Besides, subdued demand at spot markets also put pressure on the prices

At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs. 78, or 0.26%, to Rs. 29,787 per 10 grams in business turnover of 490 lots.

Similarly, metal prices for delivery in far-month December declined by Rs. 23, or 0.08%, to Rs. 29,396 per 10 grams in 155 lots.

Analysts said the fall in gold futures was mostly attributed to a weak trend overseas and a rising rupee, which made dollar-quoted precious metal cheaper.

Slackened demand at domestic spot markets, too put pressure on the prices, they said.

Globally, gold prices fell 0.70% to trade at $1,323.80 an ounce in New York on Thursday.


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