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Gold futures fell 0.74 per cent to Rs 30,210 per 10 grams today largely in sync with a weak trend overseas where the precious metal retreated from over one-year high as the dollar gained ground. Besides, profit-booking by participants weighed on gold prices.
At the Multi Commodity Exchange, gold for delivery in December was trading down by Rs 224 or 0.74 per cent at Rs 30,210 per 10 grams in a business turnover of 13 lots. Similarly, gold to be delivered in October dropped by Rs 219 to Rs 30,049 per 10 grams in a business turnover of 355 lots.
Market analysts attributed the fall in prices to weak trend overseas as the dollar strengthened against a basket of major currencies as hurricane Irma’s force waned and concerns over North Korea eased, diminishing demand for the precious metals as a safe-haven.
Meanwhile, gold traded 0.69 per cent lower at $1,336.70 an ounce in Singapore today. The precious metal had hit $1,357.54 last week, its highest level since August 2016.
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