Gold falls on weak global trend

Gold falls on weak global trend
PTI
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First Published: Mon, Jan 05 2009. 03 46 PM IST
Updated: Mon, Jan 05 2009. 03 46 PM IST
New Delhi: Gold prices fell in futures trading on Monday on selling by traders influenced by a weakening trend in the overseas market.
On the Multi Commodity Exchange, the precious metal for the most-active August contract fell 1.08% at Rs13,553 per 10 gram. The contract clocked a business volume of four lots.
For February and April contracts, gold melted by 1.05% and 0.91% at Rs13,413 and Rs13,448 per 10 gram respectively. Trading volumes in February month was higher at 17,438 lots, while April contract clocked business volume of 915 lots.
Market experts said trading sentiment remained weak as gold continued to slide in the overseas market as the dollar strengthened against the euro, reducing the metal’s appeal as an alternative investment to the US currency.
Meanwhile, gold fell 12.77 dollar to 862.64 dollar an ounce in London.
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First Published: Mon, Jan 05 2009. 03 46 PM IST
More Topics: Futures | Gold | Bullion | Metal | Commodity |