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Gold decline in futures trade on weak global trend

business Updated: Jul 07, 2008 17:45 IST

Gold prices fell 1.14 per cent on Monday in futures market on heavy selling by stockists in view of a weakening global trend.

"The precious metal declined as its prices in other Asian countries quoted lower," a Delhi-based trader Rakesh Anand said.

He said the weakening trend was also seen in silver on reduced offtake by industrial units.

At 1300 hrs on the Multi Commodity Exchange (MCX), the August contract for gold fell by 1.14 per cent at Rs 12,880 per 10 grams.

The market is still waiting for the outcome of today's meeting of G-8 meeting in Japan on crude, euro strength and the US dollar weakness to give it some direction, Anand said.

The October contract fell by 1.08 per cent at Rs 12,983 per 10 grams and December contract by 0.99 per cent at Rs 13,060 per 10 grams.

Similarly, the silver remained weak on falling demand from industrial units. December contract of silver fell by 1.31 per cent at Rs 25,400 per kg, while the September contract by 1.20 per cent at Rs 25,222 per kg.