Zee Media Bureau
New Delhi: Gold prices continued their losing streak and fell by Rs 89 to Rs 26,042 per ten grams in futures trade early Friday as speculators offloaded their positions tracking a weak global trend.
At the Multi Commodity Exchange, the June contract of gold dropped by Rs 89 to Rs 26,042 per ten grams.
Similarly, the July contract of silver moved lower by Rs 358 to Rs 42,904 per kg.
Analysts said speculators offloaded their positions in tandem with a weak global trend.
In spot market of Delhi, gold prices crashed by Rs 500 to one-month low of Rs 26,800 per 10 grams.
This fall was in continuation to a steep fall of Rs 600 yesterday to hit a level last seen on April 17, after the metal tumbled in overseas markets driven by reports investors cutting their holdings.
Gold prices in overseas markets, which normally set price trend on the domestic front, fell to their weakest level in almost a month today, hurt by a firmer dollar and as holdings in exchange-traded funds fell to the lowest in over four years, potentially stretching bullion's losing streak to a sixth day.
Including Thursday’s loss, prices have fallen 5.9 percent in six straight trading sessions, their longest losing streak since March 2009. They settled Thursday at their lowest since April 17. The drops have already helped to fuel another scramble for bullion that has push Asian premiums for physical gold to record high.
In New York, gold for June delivery on Thursday fell by USD 9.30, or 0.7 percent, to settle at USD 1,386.90 an ounce on the Comex division of the NYMEX.
With Agency Inputs
First Published: Friday, May 17, 2013, 10:26