Commodities

Gold futures down on subdued demand

PTI New Delhi | Updated on December 28, 2011 Published on December 28, 2011

Gold futures fell marginally by 0.09 per cent to Rs 27,627 per 10 grams today, tracking a weak trend overseas on concern that an escalation of Europe’s debt crisis may weigh on global growth.

In addition, subdued demand in the domestic spot market at prevailing levels put pressure on gold prices in futures trade here.

At the Multi Commodity Exchange, gold for delivery in February fell by Rs 24, or 0.09 per cent, to Rs 27,627 per 10 grams, with an open interest for 645 lots.

In a similar fashion, the metal for delivery in April shed Rs 22, or 0.08 per cent, to Rs 27,949 per 10 grams, with a trading volume of 28 lots.

Market analysts said a weakening trend overseas on worries that an escalation of Europe’s debt crisis may weigh on global growth amid slowing demand in China, mainly led to a fall in gold futures prices here.

Meanwhile, gold fell by 0.5 per cent to an almost one-week low of $ 1,586.13 an ounce in Singapore.

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Published on December 28, 2011
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