Gold futures dip on global cues
Press Trust of India / New Delhi May 12, 2011, 18:02 IST
Tracking a weakening global trend, gold prices dipped by Rs 171 to Rs 22,024 per 10 grams in futures trade today as speculators off-loaded their positions.
Trading sentiments turned bearish as gold fell in London after strengthening dollar reduced the demand for the precious ****ls and some investors sold the ****l to cover losses in other assets.
At the Multi Commodity Exchange, gold for delivery in August dipped by Rs 171, or 0.77% to Rs 22,024 per 10 grams, with a business turnover of four lots.
Similarly, the ****l for delivery in June fell by Rs 161, or 0.73% to Rs 21,760 per 10 grams, with a business volume of a single lot.
Market analysts said apart from falling trend overseas, heavy off-loading of positions by speculators mainly pulled down gold futures prices.
Meanwhile, the yellow ****l fell by $11.17 to $1,490.03 an ounce in London.
Tracking a weakening global trend, gold prices dipped by Rs 171 to Rs 22,024 per 10 grams in futures trade today as speculators off-loaded their positions.
Trading sentiments turned bearish as gold fell in London after strengthening dollar reduced the demand for the precious ****ls and some investors sold the ****l to cover losses in other assets.
At the Multi Commodity Exchange, gold for delivery in August dipped by Rs 171, or 0.77% to Rs 22,024 per 10 grams, with a business turnover of four lots.
Similarly, the ****l for delivery in June fell by Rs 161, or 0.73% to Rs 21,760 per 10 grams, with a business volume of a single lot.
Market analysts said apart from falling trend overseas, heavy off-loading of positions by speculators mainly pulled down gold futures prices.
Meanwhile, the yellow ****l fell by $11.17 to $1,490.03 an ounce in London.
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