Zee Media Bureau
Gold prices declined further by Rs 122 to Rs 26,712 per 10 gm in futures trade Thursday as participants reduced their positions largely in tandem with a weak trend overseas where the metal dropped to 16-week low.
At the Multi Commodity Exchange (MCX), gold for delivery in June eased by Rs 122, or 0.45 percent, to Rs 26,712 per 10 gm in business turnover of 175 lots.
Likewise, the metal for August contract shed Rs 88, or 0.34 percent, to Rs 25,979 per 10 gm in 55 lots.
Analysts said the trend was weak in overseas markets as US economic data backed the case for the Federal Reserve to keep on reducing monetary stimulus. It has dimmed the appeal of the bullion and weighed on gold prices at futures trade here.
Globally, gold lost as much as 0.20 percent, to USD 1,255.76 an ounce, the lowest since February 6 in Singapore today.
With agency inputs
