Gold futures weaken 0.1% on global cues

Gold prices fell by Rs 21% to Rs 25,027 per 10 grams in futures trade today as participants trimmed positions, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month February 2016 declined by Rs 21, or 0.08% to Rs 25,027 per ten grams in business turnover of 2,004 lots.

Also, the metal for delivery in December contracts traded lower by Rs 5, or 0.02% to Rs 24,835 per ten grams in 20 lots.

Analysts said a weak trend in the overseas markets where gold sank to the lowest level in more than five years after Federal Reserve Chair Janet Yellen signaled that the US economy looks strong enough for an interest rate hike this month, eroded demand for the precious metal, kept pressure on gold futures here.

Globally, gold lost 0.7% to $1,046.44 an ounce, the lowest since February 2010, in Singapore.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel