Gold & Silver

Gold loses shine on weak global cues

PTI New Delhi | Updated on May 02, 2011 Published on May 02, 2011

Gold prices tumbled by Rs 399 to Rs 23,452 per 10 grams in futures trade today, as speculators off-loaded their positions on the back of a weakening global trend.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 399 or 1.67 per cent to Rs 23,452 per 10 grams, with an open interest of a single lot.

Similarly, the yellow metal for delivery in June plunged by Rs 347 or 1.52 per cent to Rs 22,473 per 10 grams with a business turnover of nine lots.

Analysts attributed the steep fall in futures to a weakening trend overseas, where the metal dropped by $17.20 to $1,548.50 an ounce.

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Published on May 02, 2011
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