Zee Media Bureau
New Delhi: Gold prices in futures trade failed to extend yesterday's gains by dropping Rs 129 to Rs 26,127 per ten grams in initial trade Thursday as market players trimmed their positions.
At the Multi Commodity Exchange (MCX), gold for delivery in August traded down by Rs 129 to Rs 26,127 per ten grams as against its previous close of Rs 26,296.
Similarly, silver for delivery in July declined by Rs 440 to Rs 40,549 per kg from Rs 40,989 on Wednesday.
Gold price in overseas markets, edged higher for a second session today as worries over Europe and Egypt prompted safe-haven buying, but the mood remained cautious ahead of US jobs data that could determine the outlook for the Federal Reserve's stimulus measures.
US nonfarm payrolls data due on Friday could determine when the Federal Reserve would begin tapering its USD 85 billion monthly bond buying stimulus.
Investors were also on the sidelines due to the US Independence Day holiday today.
Spot gold rose 0.3 percent to USD 1,254.59 an ounce, after gaining almost 1 percent on Wednesday.
In New York, gold for August delivery rose USD 8.50 or 0.7 percent to settle at USD 1,251.90 an ounce on the Comex division of the NYMEX yesterday.
With Agency Inputs
First Published: Thursday, July 04, 2013, 11:08