New Delhi: Gold prices today fell 1.14% in the futures market on heavy selling by stockists on weak global trends.
“The precious metal declined as its prices in other Asian countries quoted lower,” a Delhi-based trader Rakesh Anand said.
He said the weakening trend was also seen in silver on reduced offtake by industrial units.
At 1300 hrs on the Multi Commodity Exchange (MCX), the August contract for gold fell 1.14% at Rs12,880 per 10 grams.
The market is still waiting for the outcome of today’s meeting of G-8 meeting in Japan on crude, euro strength and the dollar weakness to give it some direction, Anand said.
The October contract fell by 1.08% at Rs12,983 per 10 grams and December contract by 0.99% at Rs13,060.
Similarly, the silver remained weak on falling demand from industrial units. The December contract fell 1.31% at Rs25,400 per kg, while September silver lost 1.2% at Rs25,222.