This ad will auto close in 10 seconds

Gold futures fall on Akshaya Tritiya; hovering above Rs 28,500

Last Updated: Friday, May 2, 2014 - 13:19

New Delhi: Gold prices fell marginally by 0.16 percent to Rs 28,535 per ten grams in futures trade Friday as speculators trimmed their positions, taking weak cues from the global markets.

However, token buying by retailers in the spot markets on the auspicious occasion of "Akshaya Tritiya" day limited the losses.

At the Multi Commodity Exchange, gold for delivery in June month contracts shed Rs 45, or 0.16 percent, to Rs 28,535 per ten grams in business turnover of 1,628 lots.

In a similar fashion, the precious metal for delivery in far-month August fell by Rs 10, or 0.04 percent, to Rs 27,910 per ten grams in 66 lots.

At the spot markets, gold traded lower at Rs 29,950 per ten grams in opening trade at Chennai.

Analysts said the fall in yellow metal prices at futures trade was mostly in tandem with a weak trend overseas but token buying by retailers at spot markets on account of Akshaya Tritiya, considered to be an auspicious day for buying gold and silver, restricted the fall.

Meanwhile, gold declined by 0.20 percent to USD 1,282.25 an ounce in Singapore.

First Published: Friday, May 2, 2014 - 13:17
comments powered by Disqus