Gold Prices Slip down to Rs 30,584 in near Future


NEW DELHI: Gold futures fell Rs. 111 to Rs. 30,584 per 10 grams today as participants slash bets among a weak universal drift. In addition, profit-booking by speculators weighed on gold prices. At Multi Commodity Exchange, gold for liberation in August shed Rs. 111 or 0.36 per cent to Rs. 30,584 per 10 grams in business earnings of 187 lots. Also, the metal for release in far-month October declined by Rs. 104 or 0.34 per cent to Rs. 30,838 per 10 grams in 4 lots.

On Thursday Market analysts credited the fall in prices to a weak trend overseas where gold fell for the third time in four days in front of the UK referendum on whether to wait in the European Union. In the meantime, gold traded 0.4 per cent inferior at $1,285.20 an ounce in Singapore. The market is anxious of the outcome, when the US Federal Reserve will take a decision on rate hike. Whatever the decision, it will be negative for gold," Commtrendz research director Gnanasekar Thiagarajan told PTI here.

The MCX gold was at Rs 24,752 per 10 grams and $1,097.50 a small amount in the international market. Mr. Thiagarajan conveyed that with a ramble in charge by the US central bank looking looming. Domestic prices of gold will be cushioned if the rupee weakens against the American currency. Echoing similar views, Angel Broking associate director-commodities and currencies Naveen Mathur said gold prices are likely to be in a range between Rs 23,500 and 24,000 by the end of December.