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Gold down nearly 3 pc in futures trade on global cues
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Gold futures prices today fell by 2.95 per cent to trade at over one-year low of Rs 27,100 per ten gram as speculators engaged in offloading their positions after the precious metal dropped to two-year low in overseas markets.
At the Multi Commodity Exchange, gold for delivery in June fell sharply by Rs 825, or 2.95 per cent, to Rs 27,100 per 10 gm, the lowest level since March last year. It clocked a business turnover of 3,190 lots.
On similar lines, gold for delivery in August declined by Rs 850, or 2.99 per cent, to Rs 27,493 per 10 gm, in a business volume of 141 lots.
Gold prices recorded the biggest ever fall of Rs 1,250 per ten gram to hit one-year low of Rs 28,350 on Saturday.
Analysts attributed persistent fall in gold prices at futures trade to speculative selling by participants, anticipating further fall in prices after the precious metal dipped to two-year low on expectations that demand for the asset will contract as the global economy improves.
Besides, a weakening trend on the domestic spot markets also weighed on the bullion prices, they said.
Meanwhile, gold dropped as much as 3.9 per cent to USD 1,425.75 an ounce in Singapore, the lowest level since April 2011.
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