Gold futures remain down on global cues ahead of Fed minutes

Aug 21 2013, 13:05 IST
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Gold prices fell further by 0.27 per cent to Rs 30,650 per ten grams. (Reuters) Gold prices fell further by 0.27 per cent to Rs 30,650 per ten grams. (Reuters)
SummaryGold for delivery in December fell by Rs 82, or 0.27 per cent, to Rs 30,650 per ten grams.

Gold prices fell further by 0.27 per cent to Rs 30,650 per ten grams in futures market today as speculators trimmed positions in line with weak trend overseas ahead of minutes of the Federal Reserve last meeting.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 82, or 0.27 per cent, to Rs 30,650 per ten grams in business turnover of 207 lots.

Similarly, the yellow metal for delivery in October traded Rs 72, or 0.23 per cent lower at Rs 30,740 per ten grams in 3,389 lots.

Market analysts said the fall in gold futures was mostly attributed to a two-way movements in the global market before the US Federal Reserve releases minutes from its last meeting, which may provide clues on whether the pace of stimulus will be slowed amid signs of increasing bullion demand. Meanwhile, gold in Singapore dropped 0.23 per cent to USD 1,367.90 an ounce.

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