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BW Businessworld

Gold Futures Drop Rs 89, Hurt By Weak Global Trend

Gold for delivery in December dropped Rs 89 or 0.31 per cent to Rs 28,740 per 10 grams in a business turnover of 366 lots at the Multi Commodity Exchange

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Gold futures traded lower by Rs 89 at Rs 28,740 per 10 grams on 24 November as speculators trimmed their positions amid a weakening global trend.

Gold for delivery in December dropped Rs 89 or 0.31 per cent to Rs 28,740 per 10 grams in a business turnover of 366 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in February was trading down Rs 76, or 0.26 per cent, to Rs 28,712 per 10 grams in 34 lots.

Market analysts said fall in gold futures was mostly in tune with a weak trend overseas where the precious metal dropped to a nine-month low as renewed interest hike fears and strengthening dollar eroded demand for the metal as a safe-haven investment.

Meanwhile, gold prices fell 0.5 per cent to USD 1,182.95 an ounce in Singapore.

(PTI)