Tracking a weak global trend and rising rupee, gold prices fell 0.18 per cent to Rs 30,505 per 10 gram at the futures market today as speculators indulged in trimming positions.
On the Multi Commodity Exchange, gold for delivery in far-month December fell Rs 55 or 0.18 per cent to Rs 30,505 per 10 grams in a business turnover of 122 lots.
Similarly, the yellow metal for delivery in October lost Rs 52 or 0.17 per cent to Rs 30,630 per 10 grams in 2,594 lots.
Market analysts said the fall in gold futures was mostly attributed to a weak trend in the global market where it retreated to a three-week low on speculation that the US Federal Reserve will commit to reducing the stimulus next week.
Besides, rising rupee against the dollar has also put pressure on the yellow metal prices, they said.
Meanwhile, gold dropped 0.80 per cent to $1,354.51 an ounce in Singapore, the lowest level since August 20.
No comments:
Post a Comment