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  Business   Market  10 Jul 2017  Gold slumps to Rs 27,711 per 10 grams on weak global cues

Gold slumps to Rs 27,711 per 10 grams on weak global cues

PTI
Published : Jul 10, 2017, 12:24 pm IST
Updated : Jul 10, 2017, 12:24 pm IST

A strong jobs data raised hopes for higher US interest rate this year, eroding demand for investment in gold.

Gold prices went down by 0.26 percent to Rs 27,711 per 10 grams on Monday. (Representational Image)
 Gold prices went down by 0.26 percent to Rs 27,711 per 10 grams on Monday. (Representational Image)

New Delhi: Gold prices went down by 0.26 percent to Rs 27,711 per 10 grams in futures trade on Monday as participants lightened their bets, tracking a weak movement overseas.

At Multi Commodity Exchange, gold for delivery in August was down Rs 73, or 0.26 per cent, to Rs 27,711 per 10 grams in a business turnover of 40 lots.

 

Similarly, the metal for delivery in far-month October contracts was trading lower by Rs 64, or 0.23 per cent, to Rs 27,888 per 10 grams in 18 lots.

Analysts attributed the fall in prices to a weak trend overseas as a relatively solid US jobs data raised hopes for higher US interest rate this year, eroding demand for the precious metal as a safe haven investment.

Meanwhile, gold dropped 0.15 per cent to USD 1,210.40 an ounce in Singapore.

Tags: gold, gold market, futures trade, global cues
Location: India, Maharashtra, Mumbai (Bombay)