Gold futures drop Rs 70 on weak global cues

Thursday, Dec 10, 2015,10:48 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend, gold futures traded Rs 70 down at Rs 25,621 per 10 gram Thursday as speculators cut down their bets. Gold for delivery in far-month April next year fell by Rs 70, or 0.27 per cent, to Rs 25,621 per 10 gram in a business turnover of six lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in February shed Rs 66 or 0.26 per cent to Rs 25,536 per 10 gram in 142 lots.

Analysts said the fall in gold futures was mostly in tune with a weak trend overseas where it slipped in range-bound trade before next week’s meeting of the Federal Reserve which will probably increase borrowing costs for the first time since 2006, damping the allure of the metal which does not pay interest.

Meanwhile, gold prices fell by 0.20 per cent to USD 1,072.50 an ounce in New York yesterday.