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Extending early losses, gold prices dipped below the Rs 25,000 level by falling Rs 434 to Rs 24,941 per 10 grams in futures trading today as speculators engaged in reducing their positions, tracking a weak global trend.
At the Multi Commodity Exchange, gold for delivery in August fell by Rs 434, or 1.71%, to Rs 24,941 per 10 grams in business turnover of 37,478 lots.
In a similar fashion, gold for delivery in October declined by Rs 439, or 1.72%, to Rs 25,063 per 10 grams in 1,236 lots.
Market analysts said the fall in gold prices at futures trade was attributed to offloading of positions by participants after it dipped below $1200 mark in the global market as improving US economic data strengthened the case for the Federal Reserve to reduce stimulus, mainly put pressure on the precious metal prices.
Besides, a weak trend at the spot market too weighed on the prices, they said.
Gold prices tumbled to a 23-month low by falling Rs 1,150 to Rs 25,650 per 10 grams in the national market.
Globally, gold fell 0.60%, to $1,191.79 an ounce after touching a year low of $1,180.71 in Singapore today.
