Zee Media Bureau
New Delhi: Gold prices weakened by Rs 73 to Rs 26,382 per 10 grams in futures trade Tuesday as speculators offloaded some of their positions moving in tandem with a weakening trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in June moved lower by Rs 73 or 0.28 percent to Rs 26,382 per ten grams.
Gold in overseas markets, which normally set price trend on the domestic front, edged lower today, pressured by expectations the US Federal Reserve will increase interest rates this year.
Spot gold last traded at USD 1,184.31 an ounce, down 0.1 percent after falling as much as 1.4 percent to USD 1,182.05 on Monday. US gold for April delivery edged up 0.1 percent to USD 1,186 an ounce.
The yellow metal is down more than 2 percent so far in March.
Meanwhile, gold prices plunged by Rs 410 to Rs 26,690 per 10 grams at Delhi bullion market on a weak global trend amid easing demand from jewellers.
Silver also fell sharply by Rs 550 to Rs 38,000 per kg on reduced offtake by industrial users and coin makers.
