Gold price falls to Rs 29,913 at futures trade

Mumbai-India (July 27)  Gold prices moved down by 0.24 per cent to Rs 29,913 per 10 gram at the futures trade due to trimming of positions by speculators on weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in October fell Rs 71 or 0.24 per cent to Rs 29,913 per ten gram in a business turnover of 261 lots. Similarly, the yellow metal for delivery in August contracts was trading lower by Rs 63 or 0.21 per cent at Rs 29,725 per ten grams in 715 lots.

Analysts said offloading of positions by participants in tandem with a weak overseas trend, as the dollar strengthened ahead of US growth data and as an agreement between the United States and Europe eased fears of a trade war, dampened the trading sentiment.

Globally, gold fell 0.73 per cent to $1,222.40 an ounce in New York in yesterday’s trade.

BusinessLine