Gold futures pare early gains; dip below Rs 30,000 level
Gold futures dipped below Rs 30,0000 level in post evening trade Wednesday as some of the market participants trimmed their positions, even a firming trend overseas.
Zee Media Bureau
New Delhi: Paring their early gains, gold futures dipped below Rs 30,0000 level in post evening trade Wednesday as some of the market participants trimmed their positions, even a firming trend overseas.
At the Multi Commodity Exchange (MCX), gold for delivery in December dropped by Rs 104 to Rs 30,029 per ten grams after moving in range of Rs 29,986- Rs 30,226.
Similarly, silver for delivery in December slipped by Rs 54 to Rs 44,406 per Kg.
Gold price in overseas markets, which normally set price trend on the domestic front, gained by over 0.5 percent today after the previous session's drop but was still vulnerable to further losses because strong US data could fuel expectation that the Federal Reserve will soon scale back monetary stimulus.
Spot gold last traded up 0.59 percent or USD 7.30 at USD 1,250.30 an ounce. It lost nearly 1 percent in the previous session after strong US housing data.
US gold futures were up 0.6 percent at USD 1,248.60 an ounce.
Meanwhile, gold fell by Rs 200 to Rs 31,425 per ten grams at Delhi bullion market on sluggish demand at prevailing higher levels amid a weak global trend.
Silver also plunged by Rs 510 to Rs 45,280 per kg on lack of buying support from jewellers and industrial units.