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Gold futures traded sharply lower by Rs 195 to Rs 29,511 per 10 grams today as speculators trimmed positions amid a weak global trend.
Gold for delivery in December dropped Rs 195 or 0.66 per cent to Rs 29,511 per 10 grams in a business turnover of 375 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in October was down Rs 186 or 0.63 per cent to Rs 29,371 per 10 grams in 59 lots.
Market analysts said that the fall in gold futures was mostly in tune with a weak trend overseas where the precious metal slid to a seven-week low after strong US manufacturing data strengthened the dollar and eroded the appeal for the precious metal as a safe haven.
Meanwhile, gold prices fell 0.14 per cent to $1,268.70 an ounce in Singapore.
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