Gold prices open lower on lack of support

Gold prices open lower on lack of support

New Delhi: Gold opened lower in the national capital on Monday losing Rs50 per ten gram on lack of buying support due to off-season, against reports of fresh arrival.

The yellow metal fell by Rs50 at Rs12,720 per ten gram in the opening session on restricted buying in view of ongoing ‘shraadh´ - an inauspicious period in Hindu mythology for fresh purchases.

Marketmen said major market players refrained from enlarging their positions, following shraadh and fresh arrivals creating adequate stocks position, mainly pulled down gold prices.

They said the market remained dull and even discounted on reports of a moderate rise in global markets.

Meanwhile, the metal in futures trading on the Multi Commodity Exchange traded lower by 0.5% at Rs12,737 per ten gram for the most active December contract.