New Delhi: Gold futures today tumbled by up to 1.17% on the domestic market as traders reduced their holdings in view of a declining trend in global markets.
Gold for delivery in December dropped 1.17% at Rs12,451 per 10 gram on the Multi Commodity Exchange at 1300 hours, after the metal in international bullion market traded lower on firming dollar and easing crude oil prices.
The precious metal in Singapore declined by $4.75 at $888.15 an ounce.
In the domestic market, the August gold contract fell 0.51% at Rs12,368 per 10 gram and October by a similar margin at Rs12,402.
Following the weakening trend, silver for July delivery lost 1.05% to Rs23,933 per kg and September contract by 0.95% to Rs24,094 on the MCX.