Gold futures extend losses on global cues, subdued demand
Gold futures prices today fell by 0.31% to Rs 26,050 per 10 grams as participants indulged in reducing exposures, largely in tandem with a global trend where the metal dipped to one-month low.business Updated: May 17, 2013 11:24 IST
Gold futures prices on Friday fell by 0.31% to Rs 26,050 per 10 grams as participants indulged in reducing exposures, largely in tandem with a global trend where the metal dipped to one-month low.
At the Multi Commodity Exchange, gold for delivery in June, fell by another Rs 81, or 0.31%, to trade at Rs 26,050 per 10 grams in a turnover of 1,790 lots.
Similarly, the metal for delivery in far-month August shed Rs 57, or 0.22%, to Rs 26,155 per 10 gm in 160 lots.
Globally, gold lost as much as 0.60% to $1,377.85 an ounce in Singapore.
Analysts said sustained weakness in overseas where gold dipped to one-month low as holdings in exchange-traded products shrank, the dollar gained and a US Federal Reserve policymaker said that stimulus may be reduced within months, putting pressure on the precious metal prices here.
Besides, a weak trend at the domestic spot markets where gold dropped to one-month low also weighed on the prices, they said.
In spot market of Delhi, gold prices crashed by Rs 500 to Rs 26,800 per 10 grams in Thursday's trade.