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Gold price falls below Rs 26,000 mark in futures trade

Last Updated: Saturday, June 7, 2014 - 13:25

Zee Media Bureau

Gold prices ended the week below Rs 26,000-mark in futures trade Friday as market participants offloaded their positions in tandem with a weakening trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in August settled down by Rs 112 at Rs 25,863 per ten grams after moving in range of Rs 26,755- Rs 25,988.

Shiv Shrivastava, MD & CEO, IGuru Research opined gold prices may face an upward push and see a range of Rs 25,750- Rs 26,500 per ten grams in the coming week.

Gold in overseas markets, which normally set price trend on the domestic front, ended the week on slightly lower note as the dollar rose after monthly US jobs report underscored expectations of a steady recovery in the US economy.

Spot gold was down 0.08 percent at USD 1,252.26 an ounce, off an earlier low of USD 1,246.5 per ounce.

US gold futures for August delivery settled at USD 1,252.5 an ounce, down 0.06 percent.

Meanwhile, gold prices rose by Rs 70 to Rs 27,250 per ten gram at Delhi bullion market on increased buying by stockists, taking positive cues from the global markets.

Silver prices also spurted by Rs 500 to Rs 41,000 per kg on increased offtake by industrial units and coin makers.

First Published: Saturday, June 7, 2014 - 13:21
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