Gold prices fall by Rs 459 to Rs 29,669 on rising rupee

PTI Posted online: Monday, Sep 16, 2013 at 0000 hrs
Mumbai : Gold futures prices today fell by 1.52 per cent to Rs 29,669 per 10 grams as speculators offloaded their positions, taking weak cues from the global market amid rising rupee.

Besides, subdued spot demand and profit-booking by speculators also put pressure on gold futures.

At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 459, or 1.52 per cent, to Rs 29,669 per 10 grams in business turnover of 2,853 lots.

Similarly, metal prices for delivery in far-month December declined by Rs 430, or 1.44 per cent, to Rs 29,526 per 10 grams in 291 lots.

Analysts said the fall in gold futures was mostly attributed to a weak trend in the Asian region and a rising rupee, which made dollar-quoted precious metal cheaper.

Slackened demand at domestic spot markets and profit-booking by speculators, too put pressure on the prices, they said.

Globally, gold prices fell USD 4.20, or 0.32 per cent to trade at USD 1,323.70 an ounce in Singapore.