Gold futures down on global cues

PTI New Delhi | Updated on April 12, 2011

Gold prices fell by Rs 81 to Rs 22,250 per 10 grams at the futures trade today on heavy selling by speculators, tracking a weakening global trend.

Market analysts said trading sentiment turned bearish after gold retreated in the global markets as a rally to a record prompted some investors to sell.

Falling demand at existing higher levels in the spot markets further influenced the trading sentiment, they added.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 81 or 0.36 per cent to Rs 22,250 per 10 grams with an open interest of a single lot. Likewise, the metal for delivery in June shed Rs 40 or 0.19 per cent to Rs 21,333 per 10 grams with a business turnover of two lots.

Meanwhile, gold in overseas markets fell by 0.4 per cent to $1,456.78 an ounce, after touching an all-time high of $1,478.18 on Monday.

Published on April 12, 2011

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