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Gold futures fall Rs 119 on muted spot demand

Wednesday, Jun 1, 2016,11:01 IST By metrovaartha A A A

New Delhi | Gold futures Wednesday fell by Rs 119 to Rs 28,508 per 10 grams as participants indulged in cutting their bets amid a weak trend at the domestic spot markets. However, a firm trend in the precious metal in global market capped the losses.

At the Multi Commodity Exchange, gold prices for delivery in June contracts plunged Rs 119 or 0.42 per cent to Rs 28,508 per 10 grams in a business turnover of 29 lots. Also, the metal for delivery in far-month August declined Rs 73 or 0.25 per cent to Rs 28,863 per 10 grams in a business volume of 129 lots.

Analysts attributed decline in gold prices at futures trade to weak trend at the domestic spot markets due to muted demand from jewellers as well as retailers but metal’s gain in overseas market limited the losses.

Meanwhile, gold traded 0.02 per cent higher at USD 1,215.30 an ounce in Singapore.

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