India: Gold futures plunge to Rs. 26,496 per 10 gm

New Delhi (Sept 29)  Gold future prices today fell sharply by Rs. 245 to Rs. 26,496 per 10 grams as participants offloaded their positions after the prices dropped in global markets.

Gold prices fell by Rs. 245 or 0.92 per cent to trade at Rs. 26,496 per 10 gram for delivery in far-month December on the Multi Commodity Exchange. It clocked a turnover of 1,222 lots.

Similarly, the metal for delivery in October was trading lower by Rs. 233 or 0.88 per cent to Rs. 26,271 per 10 gram in 5,622 lots.

Market analysts said weakness in the overseas markets on expectations the Federal Reserve will raise US interest rates before the year is over, countering demand for a haven, put pressure on the precious metal prices here.

In addition, a weak trend in domestic spot market too weighed on prices.

In the national capital, gold prices plunged Rs. 235 to Rs. 26,575 per 10 gram today.

Globally, gold lost 0.48 per cent to $1,126.70 an ounce in Singapore.

Source: TheHindu