Zee Media Bureau
Gold prices settled lower by Rs 82 to Rs 27,800 per ten grams in futures trade Thursday as some of the market participants offloaded their positions in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in August slipped by Rs 82 or 0.29 percent to settle at Rs 27,800 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, declined by USD 12.70 or 0.97 percent to USD 1,291.30 an ounce as robust US unemployment numbers weighed on yellow metal safe-haven appeal.
New claims for US unemployment insurance benefits tumbled to an eight-year low last week, pointing to a firming labor market, according to official data released today.
Initial jobless claims, a sign of the pace of layoffs, totaled 284,000 in the week ending July 19, down 19,000 from the prior week, the Labor Department said.
That was the lowest level of initial claims since mid-February 2006. Analysts had expected first-time claims to rise to 308,000 last week.
The four-week moving average fell by 7,250 to 302,000 claims, the lowest level since mid-May 2007 and down from 344,750 a year ago.
Meanwhile, gold prices declined by Rs 160 to Rs 28,200 per 10 grams at Delhi bullion market on on emergence of selling by stockists amid a weak global trend.
Silver also dropped by Rs 400 to Rs 45,000 per kg on reduced offtake by industrial units and coin makers.
With agency inputs
