Tuesday, December 27, 2011

Gold futures down on global cues

Tracking a weakening global trend, gold futures prices fell by Rs 166 to Rs 27,613 per 10 grams today, as speculators offloaded their positions. At the Multi Commodity Exchange, gold for delivery in February fell Rs 166, or 0.60 per cent, to Rs 27.613 per 10 grams, with a business turnover of 5,193 lots. Similarly, the metal for April contract lost Rs 162, or 0.58 per cent, to Rs 27,931 per 10 grams, with a trade volume of 141 lots. Market analysts attributed the fall in gold futures prices to speculators offloading their positions due to a weakening global trend. Meanwhile, gold dropped 0.8 per cent to $1,594.95 an ounce in Singapore, its lowest level since December 20.