Zee Media Bureau
Gold prices fell by Rs 62 to Rs 26,714 per 10 grams in futures market Thursday as speculators offloaded their positions amid a weak global trend.
At the Multi Commodity Exchange (MCX), gold for delivery in February next year slipped by Rs 62, or 0.23 percent, to Rs 26,714 per 10 grams in a business turnover of 789 lots.
Analysts said the fall in gold futures was mostly in tune with a weak trend in the global market as gains in US employment boosted the case for raising interest rates and strengthened the dollar, curbing demand for the metal just as the European Central Bank meets to consider further stimulus.
Gold edged lower in Asian trading today as the dollar traded close to a 5-1/2-year high against a basket of major currencies, but the metal managed to hold above the key USD 1,200-an-ounce level.
Investors were awaiting a policy decision by the European Central Bank on stimulus measures and US jobless claims data to see if they held any further boosts for the dollar.
Spot gold fell 0.2 percent to USD 1,207.21 an ounce, after rising nearly 1 percent in the previous session.
Gold climbed to a one-month high of USD 1,220.99 an ounce on Monday, after having slumped to USD 1,142.91 in the same session.
Meanwhile, gold prices recovered by Rs 20 to Rs 26,900 per ten grams at Delhi bullion market on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
Silver rose by Rs 100 to reclaim the Rs 37,000-mark on increased offtake by industrial units.
With agency inputs
