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Gold prices fall by 1.54 pc in futures trade
New Delhi, May 20, 2013, (PTI) : 11:30 IST
Gold prices today fell by Rs 399, or 1.54 per cent, to Rs 25,556 per ten grams in futures trade in line with weak overseas trends.
Gold prices, which had been plummeting since last week, fell by another Rs 399, or 1.54 per cent, to trade at a Rs 25,556 per 10 grams for delivery in August at the Multi Commodity Exchange.
The June contract of gold dropped by Rs 380, or 1.47 per cent, to Rs 25,455 per 10 gm in 2,432 lots.
Gold was traded at Rs 26,700 per 10 grams at spot markets of Delhi on Saturday last week.
Analysts said sustained weakness in the overseas markets, where gold dipped to one-month low put pressure on the precious metal prices at futures trade. Decline in ETF holdings and improvement in the US economy hit the metal's appeal, they said.
Globally, gold plunged 1.5 per cent to USD 1,338.85 an ounce, its lowest price since April 18.