Gold fails to maintain winning streak; falls up to Rs 200
Zee Media Bureau
New Delhi: Reversing from their early gains, gold prices in futures trade fell by up to Rs 200 per 10 gm Tuesday amid down trend in international markets as more outflows from gold exchange-traded funds summed up investors' weakening confidence in the metal.
Silver also dropped by up to Rs 1,052 per kg in futures trade.
Gold in overseas markets, which normally set price trend on the domestic front, slipped USD 6.80 or 0.48 percent to USD 1,414.20 per ounce.
At the Multi Commodity Exchange, (MCX) metal for delivery in June contracts fell Rs 138 to trade lower at Rs 26,225 per 10 gm after moving in range of Rs 26,167-26,448.
Similarly, Silver for delivery in May contracts dropped by Rs 851 to Rs 43,836 per Kg after moving in range of Rs 42,635-43,484.
Market analysts said besides profit-booking by speculators, fall in gold and and other commodity prices in the global markets after data showed China's manufacturing expanded at a slower pace, washed out initial gains in gold at futures trade here.
Holdings on SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, tumbled to their lowest level since early 2010, which indicated that some investors were shifting their money into equities.
With Agency Inputs