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.
First Published: May 17, 2013 11:21 IST