Business

Gold futures fall 0.57% on global cues

  • PTI, New Delhi
  • |
  • Updated: Aug 30, 2013 11:54 IST

Tracking a weak global trend, gold prices fell by 0.57%, to Rs 33,438 per 10 grams in futures market on Friday as speculators indulged in trimming positions.

At the Multi Commodity Exchange, gold for delivery in far-month December fell by Rs 193, or 0.57%, to Rs 33,438 per 10 grams in business turnover of 12 lots.

Similarly, the yellow metal for delivery in October lost Rs 174, or 0.52%, to Rs 33,476 per 10 grams in 305 lots.

Market analysts said the fall in gold futures was mostly attributed to a weakening trend in the global market after better-than-expected US economic data backed the case for the Federal Reserve to slow stimulus.

Besides, a weak trend at the domestic spot market due to subdued demand at prevailing levels also weighed on prices, they said.

Meanwhile, gold in Singapore dropped 0.40% to 1,402.65 dollar an ounce.

 

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