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Gold futures drop Rs 91 as global cues lie low

by August 23, 2016 General
(Representational Image)

(Representational Image)

Gold is trading at Rs 31,288 per 10 grams.

New Delhi: Amid a weakening global trend, gold futures traded lower by Rs 91 at Rs 31,288 per 10 grams on August 23 as speculators reduced their exposure.

Gold for delivery in October dropped Rs 91, or 0.29 per cent, to Rs 31,288 per 10 grams in a business turnover of 252 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month December was trading down Rs 73, or 0.23 per cent, at Rs 31,578 per 10 grams in 7 lots.

Market analysts said the fall in gold futures was mostly in step with a weak trend overseas after a Federal Reserve official signalled that an increase in US interest rates is still possible this year, hurting demand for the precious metal as a safe-haven investment.

Meanwhile, gold prices fell 0.16 per cent to USD 1,336.50 an ounce in Singapore on August 23.