Zee Media Bureau
Gold prices settled lower by Rs 248 to Rs 26,653 per 10 grams in futures trade Thursday as market participants offloaded their positions largely in tandem with a weak global trend.
At the Multi Commodity Exchange (MCX), gold for delivery in October tumbled by Rs 248 to close at Rs 26,653 per ten grams after moving in range of Rs 26,560 - Rs 26,845.
Gold in overseas markets, which normally set price trend on the domestic front, rebounded on Thursday, as investors bought back their bearish bets after speculation over an earlier-than-expected US interest rate hike by the Federal Reserve sent bullion prices to a 8-1/2-month low.
Yellow metal prices were pressured earlier in the day after data showed US jobless claims fell more than expected, suggesting a firming labor market, a trend seen as supportive of economic growth.
The Fed on Wednesday renewed its pledge to keep interest rates near zero for a "considerable time", but also indicated it could raise borrowing costs faster than expected when it starts moving.
Globally, gold fell to its lowest since Jan. 2 at USD 1,216.01 an ounce in early trade and was last up 0.2 percent at USD 1,224.81. The yellow metal had lost 1 percent in the previous session.
US COMEX gold futures for December delivery settled 70 cents lower at USD 1,226.90 an ounce.
However, gold prices recovered by Rs 50 to Rs 27,450 per ten gram at Delhi bullion market on scattered buying by jewellers, tracking a firming trend overseas.
With agency inputs
