Zee Media Bureau
New Delhi: Gold prices fell by Rs 129 to Rs 26,311 per ten grams in futures trade Friday as speculators offloaded their exposures, moving in tandem with a weak global trend.
At the Multi Commodity Exchange (MCX), gold for delivery in June moved lower by Rs 129 to Rs 26,311 per ten grams as against its previous close of Rs 26,440.
Similarly, silver for delivery in July dropped by Rs 227 to Rs 43,344 per kg compared to Rs 43,571 on Thursday.
Gold prices in overseas markets, which normally set price trend on the domestic front, edged lower today as the dollar and equities regained momentum after a volatile trading session the day before, and as holdings in bullion-backed exchange-traded funds fell to fresh four-year low.
Gold rose sharply on Thursday as investors sought its safe-haven status after the dollar and equity markets were hit by a slew of weak manufacturing data that indicated stagnant global economic growth.
Spot gold last traded down USD 2.20 or 0.16 percent at USD 1,390.30 an ounce, holding near a two-year low of USD 1,321.35 reached in April.
With Agency Inputs
First Published: Friday, May 24, 2013, 13:45