Gold futures showed a bearish trend on MCX as speculators offloaded their positions driven by weak trend in domestic market. Besides, a losing trend in overseas markets, as US housing data backed the case for less stimulus amid speculation that the price rally this month may dampen demand, also put pressure on the Gold futures here. However, the prices found some support from weakness in the US dollar, as dollar-priced commodities become less expensive to investors holding other currencies.The contract for August delivery was trading at Rs 27182.00 /10 GRMS, down by 0.21% or Rs 58.00 from its previous closing of Rs 27240.00 /10 GRMS. The open interest of the contract stood at 12530.00 lots
The contract for October delivery was trading at Rs 27171.00 /10 GRMS, down by 0.26% or Rs 70.00 from its previous closing of Rs 27241.00 /10 GRMS. The open interest of the contract stood at 8514 lots on MCX.
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