Gold prices declines

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Gold prices declinesGold prices dropped Rs 108 to trade at Rs 24,689 per 10 grams in futures trade on Wednesday, largely in line with a weak trend overseas.

Analysts said gold retreated amid a weakening trend in the overseas markets for the tenth straight day as Goldman Sachs Group predicted further decline in its prices and holdings.

Besides, growing expectations that the US Fed may raise interest rates later this year and subdued demand from jewellers at domestic spot markets, weighed on the gold prices.

At Multi Commodity Exchange, gold for delivery in August was trading lower by Rs 108, or 0.84 per cent, at Rs 24,689 per 10 grams in a business turnover of 262 lots.

Also, the metal for delivery in October fell by Rs 108, or 0.83 per cent, to Rs 24,910 per 10 grams in 24 lots.

In the national capital, gold recorded a fall of Rs 150 to hit nearly four-year low of Rs 25,550 per 10 grams in yesterday’s trade.

Globally, gold fell as much as 0.8 per cent to USD 1,092.20 an ounce in Singapore.

Meanwhile, the precious metal slid to USD 1,086.18 on Monday, the lowest level since March 2010.