Commodities

Gold futures fall on weak Asian trend

PTI Mumbai | Updated on September 12, 2011

Gold prices fell by Rs 187 to Rs 28,245 per 10 gram in futures trade today as speculators offloaded their positions on the back of a weak trend in the Asian region.

Trading sentiment turned bearish after gold fell in the Asian markets as concern about a potential Greek default drove the dollar higher and some investors sold the metal to cover losses in other markets.

Fall in demand at existing higher levels in the spot market further fuelled the downtrend.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 187 or 0.66 per cent to Rs 28,245 per 10 grams in a business turnover of 1,483 lots.

Likewise, the metal for delivery in October contract lost Rs 175 or 0.62 per cent to Rs 27,977 per 10 grams in 21,748 lots.

Market analysts attributed the fall in gold prices to weakening trend in Asian region.

They said fall in demand at prevailing higher levels also influenced the trading sentiment.

Meanwhile, gold declined by 0.7 per cent to $1,842.25 an ounce in Asia.

Published on September 12, 2011

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