Comments
Amid a weak global trend, gold futures plunged Rs 176 to Rs 31,228 per 10 gram today as participants trimmed their bets.
At the futures trade, gold for delivery in October was trading Rs 176 or 0.56 per cent lower at Rs 31,228 per 10 gram in a business turnover of 589 lots at the Multi Commodity Exchange.
On similar lines, the precious metal for delivery in December fell Rs 159 or 0.50 per cent to Rs 31,555 per ten gram with a business turnover of 54 lots.
Analysts said the fall in gold futures was mostly in tune with a weak trend overseas as the dollar strengthened on US interest rate hike hopes this year after the Federal Reserve Vice Chairman Stanley Fischer said the country’s economy was picking up, eroding demand for the precious metal as a haven investment.
Meanwhile, gold prices in global market retreated as much as 0.59 per cent to $1,333.20 an ounce in Singapore today.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.