Gold dipping due to global cues

July 08, 2015 14:44
Gold dipping due to global cues

Gold prices slipped further below the Rs 26,000 mark with a decrease of Rs 51 in futures trade after the precious metal plunged to over three-month lows in the global market. Gold for delivery in August contracts has fallen below the 28,000-mark by a decrease of Rs 51 or 0.20 per cent at Rs 25,981 per 10 grams in a business volume of 400 lots. For delivery in the far-month of October is trading for Rs 33 or 0.13 per cent down at Rs 26,239 per ten grams in five lots.

Analysts said the weak trend in the overseas markets where gold fell traded near the lowest level across Asia and the crisis in Greece has boosted the dollar, thereby reducing the appeal of the precious metal, which is weighed on its prices at futures trade.

Globally, gold traded lower at USD 1,153.72 an ounce in Singapore, when compared  a day earlier at US $ 1,155.26. The value sank as much as 1.9 per cent to US $ 1,148.13, the lowest since March 18.

By Premji

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Tagged Under :
Gold  Global market  Bullion trade