Gold price futures fall 0.42 per cent on weak global cues

Jul 24 2014, 12:13 IST
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SummaryGold futures fell 0.42 per cent to Rs 27,764 per 10 grams today as speculators trimmed positions, tracking weak global trend.

Gold futures fell 0.42 per cent to Rs 27,764 per 10 grams today as speculators

trimmed positions, tracking weak global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in August fell by Rs 118, or 0.42 per cent, to Rs 27,764 per 10 grams in a business turnover of 1,494 lots.

On similar lines, the metal for delivery in far-month October declined by Rs 112, or 0.40 per cent, to Rs 27,905 per 10 grams in 161 lots.

Market analysts said the fall in gold futures was mostly due to off-loading of positions by speculators and a weak trend overseas as a rally in equities damped demand for alternative investment amid concern that physical consumption is faltering.

Meanwhile, gold lost as much as 0.60 per cent to trade at over one-week low of USD 1,296.36 an ounce in Singapore, the lowest since July 16 from USD 1,338.70 on July 11.

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