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Journalism of Courage
Gold future prices fell 0.51 per cent to Rs 31,302 per 10 grams today as speculators indulged in booking profits amid a weakening trend overseas.
At the Multi Commodity Exchange,gold for delivery in October fell by Rs 165,or 0.51 per cent,to Rs 31,302 per 10 grams,with a business turnover of 1,929 lots. It had zoomed to a record high of Rs 31,649 in yesterday’s trade.
Similarly,the yellow metal for delivery in December moved down by Rs 155,or 0.48 per cent,to Rs 31,685 per 10 grams,with a business turnover of 97 lots.
Marketmen said besides profit-booking by speculators at high levels,a weak trend overseas as some investors sold the metal after it rallied to a six-month high on a plan by European Central Bank to tame the region’s debt crisis with bond-purchase programme,led to a fall in gold prices.
Meanwhile in Singapore,gold traded 0.3 per cent lower at USD 1,695 an ounce. It climbed to USD 1,713.68 an ounce,the most expensive since March 12 in yesterday’s trade.
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