Gold slides on muted demand

Published by Metro India News on January 01, 2016 00:20:29 AM

Gold prices were marginally down by 0.20 per cent to Rs 24,933 per ten grams in futures trade on Thursday as traders cut down their holdings amid sluggish demand in the spot market, even as the metal strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in February 2016 fell by Rs 49, or 0.20 per cent, to Rs 24,933 per ten grams in business turnover of 3,319 lots. Also, the metal for delivery in far-month April contracts traded lower by Rs 46, or 0.18 per cent, to Rs 25,030 per ten grams in 39 lots.

Analysts attributed the fall in gold futures to a weak trend at spot market on sluggish demand but a better trend overseas restricted the rise. Globally, gold traded higher 0.08 per cent to $1,061.70 an ounce in London. At the spot market in the national capital, gold prices plunged by Rs 260 to Rs 25,390 per 10 grams on Thursday.