Gold prices moved down by 0.13 per cent to Rs 29,997 per 10 grams at the futures trade today as participants indulged in trimming their positions tracking a weak trend in the global market.

On the Multi Commodity Exchange, gold for delivery in December eased by Rs 38 or 0.13 per cent to Rs 29,997 per 10 grams in a business turnover of 413 lots.

Likewise, the metal for delivery in far-month February 2014 shed Rs 3 or 0.01 per cent to Rs 29,539 per 10 grams in 30 lots.

Market analysts said a weak trend in the overseas markets as investors await the release of US data on jobs and economic growth mainly influenced the trading sentiment here.

Meanwhile, the Forward Markets Commission has removed an additional 5 per cent margin from today on the futures contract of gold due to less volatility in the prices of precious metal.

The additional margin of 5 per cent on the future contracts of gold, silver and other commodities was imposed on August 29 this year, a day after gold touched the all-time high of Rs 34,500 per ten grams in the intra day trade.

Globally, gold traded $1.37 lower at $1,316.93 an ounce in Singapore today.

(This article was published on November 7, 2013)
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