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Gold price dips below Rs 30,000 level in futures trade

Gold price dips below Rs 30,000 level in futures trade

New Delhi: Gold prices fell below Rs 30,000 level by sliding Rs 251 to Rs 29,907 per ten grams in futures trade Thursday as speculators offloaded their positions, in tandem with a weakening trend overseas.

At the Multi Commodity Exchange (MCX), gold for delivery in December declined by Rs 251 to Rs 29,907 per ten grams.

Similarly, silver for delivery in December tanked by Rs 934 to Rs 49,094 per Kg.

Gold price in overseas markets, which normally set price trend on the domestic front, eased by nearly 0.5 percent today despite the US Federal Reserve vowing to maintain its economic stimulus measures, with investors taking profits from a recent run-up in prices.

Spot gold last traded down USD 6.40 or 0.48 percent at USD 1,337.50.

Meanwhile, gold prices dropped Rs 220 to Rs 31,710 per ten gram in Delhi bullion market on sustained selling by stockists amid sluggish demand coupled with weakening global trend.

Silver, however, snapped two-day losing trend and gained Rs 510 to Rs 50,100 per kg on increased offtake by industrial units and coin makers.

 

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