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Tracking a weak trend in global markets, gold prices declined by Rs 83 to Rs 27,947 per 10 grams at the futures trading today as speculators offloaded their positions amid closure of jewellery shops.
Trading sentiment turned bearish after gold declined in London on concerns that jewellers’ strike in India, protesting a recent hike in taxes, will curb the physical demand.
At the Multi Commodity Exchange, gold for delivery in April declined by Rs 83 or 0.3 per cent to Rs 27,947 per 10 grams with a business turnover of 1,778 lots. In a similar fashion, June contract moved down by Rs 69 or 0.24 per cent to Rs 28,449 per 10 grams with an open interest of 6,707 lots.
Speculators offloaded their positions on the back of a weak trend in overseas markets, which led to the fall in gold prices at the futures market here.
Meanwhile, the yellow metal fell 0.1 per cent to $1,666.36 an ounce in London.
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