New Delhi | Tracking a weak trend overseas, gold prices declined by 0.15 per cent, to Rs 28,898 per 10 grams, Tuesday as participants trimmed positions. At the Multi Commodity Exchange, gold for delivery in April shed Rs 43, or 0.15 per cent, to Rs 28,898 per 10 grams, in a business turnover of 888 lots. In a similar fashion, the metal for delivery in far-month June fell by Rs 33, or 0.11 per cent, to Rs 29,203 per 10 grams in 40 lots.
Analysts said fall in the metal’s prices at futures trade was mostly in tandem with overnight weakness in the precious metals in global market after the Federal Reserve signalled that an interest rate increase could happen as soon as next month, which would reduce the appeal of the metal as an alternative asset.
Globally, gold plunged 0.95 per cent to USD 1,243.10 an ounce in New York yesterday.
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