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Gold falls in futures trade on weak global cues

Gold falls in futures trade on weak global cues
PTI
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First Published: Fri, Jan 02 2009. 12 15 PM IST
Updated: Fri, Jan 02 2009. 12 15 PM IST
New Delhi: Gold prices fell by 1.36% in futures trading on Friday following fresh selling by traders, sparked by a weakening trend in the overseas markets.
Gold for the most-active June contract declined by 1.36% at Rs13,621 per 10 gram on the Multi Commodity Exchange. The contract clocked a business volume of three lots.
For February and April months contract, gold traded lower by 0.97% each at Rs13,614 and Rs13,629 per 10 gram respectively. Trading volumes in February months was higher at 3,187 while April month clocked a business volume of 173 lots.
Market experts said trading sentiment turned bearish after gold declined in Asia as crude oil’s rally stalled and the dollar strengthened, reducing demand for the precious metal as an alternate investment.
Meanwhile, in Asian trade, gold fell 0.5% to $874.90 an ounce.
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First Published: Fri, Jan 02 2009. 12 15 PM IST