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Gold prices fell 0.82 per cent to Rs 27,246 per 10 grams in futures trade today, as speculators offloaded their positions, tracking a weak trend in the global market and fall in domestic demand.
Trading sentiment remained bearish after gold fell in the global market, as the world’s major central banks moved to ease funding for European banks in a coordinated effort to tackle Europe’s debt crisis, reducing appeal for the precious metal as an alternative investment.
Sluggish demand at existing higher levels in the spot market further fuelled the downtrend.
At the Multi-Commodity Exchange, gold for delivery in October month fell Rs 224, or 0.82 per cent, to Rs 27,246 per 10 grams, with a business turnover of 1,720 lots.
Likewise, the metal for delivery in December lost Rs 224, or 0.81 per cent, to Rs 27,570 per 10 grams, with an open interest of 152 lots.
Meanwhile, gold declined by $23 to $1,766.80 an ounce in Asia.
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