 "Gold futures dip below 26,000-mark on global cues")
Gold futures prices today dipped below Rs 26,000-level to trade at a 15-month low of Rs 25,270 per 10 grams as participants indulged in creating short positions after the metal had its biggest one-day drop since 1983 in global markets.
Gold prices, which had been plummeting since last week, fell by another Rs 364, or 1.41%, to trade at a 15-month low of Rs 25,270 per 10 grams for delivery in June at the Multi Commodity Exchange. It clocked a turnover of 93 lots.
The August contract shed Rs 266, or 1.02%, to Rs 25,835 per 10 gm in 93 lots.
Worries over Chinese growth and a possible sell-off by struggling Cyprus's central bank also pushed down the precious metal's prices in the futures trade here, they added.
Globally, gold plunged 9.35% to $1,360.60 an ounce, the lowest since level since March 8 in New York yesterday. Prices have dropped 14% in the previous two days.
Gold prices, which had been plummeting since last week, fell by another Rs 364, or 1.41%, to trade at a 15-month low of Rs 25,270 per 10 grams for delivery in June at the Multi Commodity Exchange. It clocked a turnover of 93 lots.
The August contract shed Rs 266, or 1.02%, to Rs 25,835 per 10 gm in 93 lots.
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Market analysts said sustained weakness in the overseas markets where gold plunged over 9% yesterday to its lowest price in two years, put pressure on the precious metal prices here.
Worries over Chinese growth and a possible sell-off by struggling Cyprus's central bank also pushed down the precious metal's prices in the futures trade here, they added.
Globally, gold plunged 9.35% to $1,360.60 an ounce, the lowest since level since March 8 in New York yesterday. Prices have dropped 14% in the previous two days.