Gold down on global cues
Tracking a weak trend in overseas markets, gold prices declined by Rs 26 to Rs 29,938 per 10 grams in futures trade today as speculators offloaded their positions.
Sentiment tuned bearish as gold declined in overseas markets on concern Europe’s debt crisis will strengthen the dollar and curb demand for the metal as an alternative investment.
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At the MCX, gold for delivery in August declined by Rs 26, or 0.09% to Rs 29,938 per 10 grams in business turnover of 9,098 lots.
The October contract traded lower by the same margin to Rs 30,234 per 10 grams in 321 lots.
Market analysts attributed to weakness in gold futures to lower global trend.
Meanwhile, gold fell 0.4% to $1,565.98 an ounce in London.