Gold & Silver

Gold futures plunge to Rs 31,228 per 10 gm

PTI New Delhi | Updated on January 17, 2018 Published on August 22, 2016

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.

Published on August 22, 2016

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