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Gold futures prices declined 0.11 per cent to Rs 29,125 per 10 grams today, mostly in line with a weakening trend overseas as strong dollar reduced the demand for the precious metal as an alternative investment.
At the Multi Commodity Exchange, gold for delivery in April eased Rs 32 or 0.11 per cent to Rs 29,125 per 10 grams with a business turnover of 130 lots. Similarly, the metal for delivery in February lost Rs 28 or 0.10 per cent to Rs 28,819 per 10 grams with a trade volume of 4,315 lots.
Analysts said reports of a weakening trend in the global markets as Europe’s debt crisis boosted the demand for dollar, reducing the appeal for gold as an alternative investment, mainly weighed on gold futures here.
Meanwhile, the yellow metal dropped 0.9 per cent to trade at a seven-week low of $1,650.93 an ounce in Singapore in early trade today.
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