India: Gold futures drop by Rs. 416 per 10 gm

Mumbai-India (Feb 15)  Amid a weak global trend, gold futures traded lower by Rs. 416 at Rs. 29,224 per 10 gm today as speculators trimmed their positions.

Besides, profit-booking by speculators at existing levels weighed on the precious metal prices.

Gold for delivery in far-month June dropped Rs. 416 or 1.40 per cent to Rs. 29,224 per 10 gm in a business turnover of 79 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in April was trading down Rs. 403 or 1.37 per cent to Rs. 28,983 per 10 gm in 1,398 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas, where rally in the precious metal faltered as rising share markets and a firmer yuan eroded demand for the safe-haven as an alternative investment.

Meanwhile, gold prices fell 1.3 per cent to $1,221.91 an ounce in Singapore today.

Source: TheHindu