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Gold prices declined by 0.63 per cent to Rs 23,372 per 10 grams in futures trade today as speculators reduced their positions amid a weak global trend.
At the Multi Commodity Exchange, gold for delivery in far-month October traded Rs 148 or 0.63 per cent lower at Rs 23,372 per 10 grams with a business turnover of 1,405 lots.
The metal for August delivery also lost Rs 136 or 0.59 per cent to Rs 23,030 per 10 grams, with a trade volume of 289 lots. It had ended 0.09 per cent lower at Rs 23,166 per 10 grams in the previous trading session.
Analysts said the fall in gold futures was mostly due to a weakening global trend after the US President, Mr Barack Obama, announced that the US lawmakers have reached an agreement to increase the nation’s debt limit and cut the federal deficit, averting a default tomorrow and reducing demand for precious metals.
In addition, a strong rupee put pressure on the dollar-quoted yellow metal.
Meanwhile, gold traded lower by 1.3 per cent to $1,607.45 an ounce in Asian region. It had reached an all-time high of $1,632.80 an ounce on July 29.
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