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Gold loses sheen in futures trade, down 0.39%

Gold loses sheen in futures trade, down 0.39%
PTI
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First Published: Thu, Aug 25 2011. 12 44 PM IST
Updated: Thu, Aug 25 2011. 12 44 PM IST
New Delhi: Gold moved down by 0.39% to Rs26,190 per 10 grams in futures trade on Thursday as speculators locked in gains registered during the shiny metal’s steady rise to record levels over the past few weeks amid a weak trend in global markets.
A weak trend in the domestic market on sluggish demand at prevailing high levels also put pressure on gold futures prices here.
At the Multi Commodity Exchange, gold for delivery in December fell by Rs353, or 0.39%, to Rs26,190 per 10 grams, with a business turnover of 200 lots.
Gold for delivery in October also lost Rs88, or 0.33%, to Rs26,205 per 10 grams, with a trade turnover of 2,723 lots.
Analysts said the fall in gold futures prices was mostly due to profit-booking by speculators at record high levels amid a weak trend overseas, where the precious metal fell the most since 2008 as US stocks and dollar rose after reports on durable-goods orders and home prices beat estimates.
In New York, gold plunged by $77.90, or 4.26%, to $1,751.30 an ounce on Wednesday. The metal had hit an all-time high of $1,913.50 earlier this week.
On the domestic front, gold prices in the national capital fell by Rs350 to Rs27,840 per 10 grams on Wednesday.
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First Published: Thu, Aug 25 2011. 12 44 PM IST
More Topics: Gold | Buliion | Silver | Markets | Commodity |