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Gold eases on weak global trend

Gold eases on weak global trend
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First Published: Wed, Jul 16 2008. 12 56 PM IST
Updated: Wed, Jul 16 2008. 12 56 PM IST
PTI
New Delhi: Gold prices eased 0.58% in futures market as traders refrained from enlarging their positions due to a fall in its prices on the global front.
The metal for December contract fell to Rs13,605 per 10 gram in a trading volume of one lot on the Multi Commodity Exchange at 1200 hrs.
The August contract fell by 0.23 per cent to Rs 13,529 per 10 gram in 6468 lots and October contract by 0.22 per cent to Rs 13,613 per 10 gram in a volume of 174 lots.
Weakening trend developed after the precious metal in the US market plummeted last night and this morning it quoted lower in Asia.
In Hong Kong, gold prices opened lower at $971.50 an ounce, down from $975.00-976.00 last night. It was trading higher at $987 in intra-day trading yesterday.
Similarly, silver for March contract fell by 1.04% to Rs26,999 per kg in trading of one lot and September contract by 0.24% to Rs26,418 kg in a business volume of 4,895 lots.
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First Published: Wed, Jul 16 2008. 12 56 PM IST
More Topics: Gold | Silver | Futures | Bullion | MCX |