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Gold prices tumbled by Rs 1,021 to Rs 25,695 per 10 grams in the futures trade on Monday on heavy off loading by speculators, tracking weak foreign markets
At the Multi Commodity Exchange, gold for delivery in October month tumbled by Rs 1,021, or 3.82 per cent to Rs 25,695 per 10 grams in a business turnover of 9,941 lots.
Similarly, the metal for delivery in December plunged by Rs 1,011, or 3.74 per cent to Rs 26,040 per 10 grams in 1,488 lots.
Market analysts said the sharp fall in gold futures was mostly attributed to a weak global trend amid speculation that European governments will struggle to contain the region’s debt crisis and strengthening dollar, reducing its appeal as alternative investment.
Meanwhile, gold fell by $ 43.20 to $ 1,614 an ounce in the Asian region.
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