Gold tumbles below Rs 26,000 per ten grams
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Gold tumbles below Rs 26,000 per ten grams

Last Updated: Thursday, May 16, 2013, 14:47
 
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Gold tumbles below Rs 26,000 per ten grams
Zee Media Bureau

New DelhI: Moving in tandem with weak global trend, gold prices fell below Rs 26,000 per ten grams by falling Rs 354 to Rs 25,956 per ten grams in futures trade Thursday as speculators continued to offloaded their positions.

At the Multi Commodity Exchange (MCX), gold for delivery in June, fell further by Rs 354 to Rs 25,956 per ten grams.

Silver for delivery in July dropped by Rs 896 to Rs 42,418 per kg compared to Rs 43,314 on Wednesday.

Market analysts said speculators offloaded their positions in tandem with a weak global trend as stronger dollar curbed demand for an alternative investment, mainly influenced gold prices at futures trade.

Besides, a weak trend in the domestic spot markets also kept pressure on gold prices, they said.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell to its 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.

If gold ends lower on the day, it would be its longest losing streak since March 2009. The drops have already helped to fuel another scramble for bullion that has push Asian premiums for physical gold to record highs.

Spot gold fell to as low as USD 1,374.99 an ounce, its cheapest since April 18.

Gold is less than USD 60 away from two-year lows hit in mid-April. Prices have fallen nearly 18 percent this year and are well below a record top near USD 1,920 struck in September 2011.

In New York, gold for June delivery on Tuesday fell by USD 28.30, or 2 percent, to settle at USD 1,396.20 an ounce on the Comex division of the NYMEX.

With Agency Inputs



First Published: Thursday, May 16, 2013, 11:08


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