Gold futures fall Rs 176 on weak global cues

Monday, Aug 22, 2016,11:45 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend, gold futures plunged Rs 176 to Rs 31,228 per 10 gram Monday as participants trimmed their bets.

In futures trade, gold for delivery in October contracts was trading Rs 176 or 0.56 per cent lower at Rs 31,228 per 10 gram in a business turnover of 589 lots at the Multi Commodity Exchange.

On similar lines, the precious metal for delivery in December contracts fell by Rs 159 or 0.50 per cent to Rs 31,555 per ten gram with a business turnover of 54 lots.

Analysts said the fall in gold futures was mostly in tune with a weak trend overseas as the dollar strengthened on US interest rate hike hopes this year after the Federal Reserve Vice Chairman Stanley Fischer said country’s economy was picking up, eroding demand for the precious metal as a haven investment.

Meanwhile, gold prices in global market retreated as much as 0.59 per cent to USD 1,333.20 an ounce in Singapore today.