Gold down Rs 97 in futures trade as global cues hurt

Tuesday, Dec 8, 2015,11:05 IST By metrovaartha A A A

New Delhi | Gold prices drifted Rs 97 to Rs 25,455 per 10 grams in futures trade Tuesday as participants lightened their positions, largely in step with a weak trend overseas. In futures trading, gold for delivery in far-month February 2016 contract was trading Rs 97, or 0.38 per cent down, at Rs 25,455 per 10 grams at Multi Commodity Exchange with a business turnover of 251 lots.

On similar lines, the metal for delivery in April next year shed Rs 56, or 0.22 per cent, to Rs 25,603 per 10 grams in four lots. Analysts said a weakening trend in the overseas markets where as investors anticipate an increase in US interest rates next week and the slump in oil reduces inflationary pressure and demand for the precious metal as hedge against rising prices, weighed on gold futures here.

Globally, gold fell 0.2 per cent to USD 1,069.90 an ounce in Singapore.