Gold price weakens by Rs 82 in futures trade
Zee Media Bureau
Gold prices edged lower by Rs 82 to Rs 27,581 per 10 grams in futures trade Thursday amidst a weak trend overseas and profit-booking by speculators.
At the Multi Commodity Exchange (MCX), gold for delivery in August fell by Rs 82, or 0.30 percent, to Rs 27,581 per 10 grams in a business turnover of 954 lots.
In a similar fashion, the metal for delivery in October shed Rs 83, or 0.30 percent, to Rs 27,680 per 10 grams in 31 lots.
Analysts said a weak trend in the overseas markets where gold retreated from a three-month high before employment data that may show the US economy is gaining momentum, put pressure on the prices of the precious metal at futures trade here.
Gold in overseas markets, which normally set price trend on the domestic front, dropped by USD 8.80 or 0.66 percent to USD 1,318.40 per ounce.
It hit a 3-month high of USD 1,332.10 hit earlier this week as tensions in Iraq and Ukraine stoked demand for the metal as an insurance against geopolitical risk.
With agency inputs