Gold futures down 1.13% on global cues, profit booking
Gold futures prices today fell by 1.13% to Rs 27,618 per 10 grams as speculators offloaded their positions, taking weak cues from the global marketbusiness Updated: Aug 02, 2013 12:04 IST
Gold futures prices on Friday fell by 1.13% to Rs 27,618 per 10 grams as speculators offloaded their positions, taking weak cues from the global market.
Besides, profit-booking by speculators also put pressure on gold futures.
At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 316, or 1.13%, to Rs 27,618 per 10 grams in business turnover of 2,925 lots.
Similarly, metal prices for delivery in August declined by Rs 220, or 0.78%, to Rs 28,000 per 10 grams in 100 lots.
Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as US economic data backed the case for less stimulus amid strengthening dollar, reducing appeal for the precious metal as an alternative investment .
Globally, gold prices fell 0.6% to trade at a two-week low of $1,302.94 an ounce in Singapore.