Gold prices fall by 0.3% in futures trade

Falling for the second day, gold prices declined by Rs 85, or 0.34%, to Rs 24,949 per 10 grams due to speculative selling after weak global cues.

At the Multi Commodity Exchange, gold for delivery in August shed Rs 85, or 0.34%, to Rs 24,949 per ten grams in business turnover of 323 lots.

In a similar fashion, the metal for delivery in far-month October fell by Rs 80, or 0.32%, to Rs 25,163 per ten grams in 25 lots.

Analysts said sustained fall in the metal's prices at futures trade was mostly in tandem with global sell-offs.

A strong dollar, trading at three-month high against basket of currencies overseas on expectations the Federal Reserve will raise rates this year, eroded demand for the precious metal as an alternative investment.

Globally, gold plunged 3.14% to $1,097.70 an ounce in New York yesterday.

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