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Gold falls in futures on weak global trend

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Press Trust of India New Delhi

Gold prices declined by nearly 1.76 per cent in futures trading today on reduced offtake by traders in view of a weakening global trend.

The gold for June-month contract fell by 1.76 per cent at Rs 14,248 per ten gram on the Multi Commodity Exchange at 1730 hrs, clocking a trading volume of 1,472 lots.

Similarly, the metal for August contract fell by 1.74 per cent to Rs 14,262 per ten gram in a trading volume of 100 lots.

Marketmen said traders refrained from buying gold at existing higher levels amid reports of a falling trend in international markets.

They said gold fell in London, heading for the steepest weekly decline in two months, as a rally in equities reduced the metal’s appeal as an alternative investment.

 

The market, which opened at 1700 hours for half-day trading due to "Labour Day", recorded a moderate business volumes.

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First Published: May 01 2009 | 7:38 PM IST

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