Gold prices hit seven-month low of Rs 29,263 per 10 gm

Gold prices hit seven-month low of Rs 29,263 per 10 gm New Delhi: Gold prices tumbled by 1.06 percent to Rs 29,263 per 10 grams in futures trade on Thursday amid heavy selling by speculators, driven by a steep fall in prices in global markets.

The most active gold contract for April delivery on the Multi Commodity Exchange (MCX) fell Rs 316, or 1.06 percent, to Rs 29,263 per 10 grams, with a business turnover of 12,794 lots.

Similarly, the metal for delivery in June dropped Rs 315, or 1.04 percent, to Rs 29,801 per 10 grams, with a business turnover of 920 lots.

Marketmen said gold prices dropped in futures trade on frantic selling by speculators as gold in global markets fell for the seventh day, slumping to the lowest level since July.

Gold in Singapore fell 0.60 percent to USD 1,555.55 an ounce, the lowest since July 12.

PTI