New Delhi: Gold futures on Wednesday fell as participants cut down their bets amid a weak global trend, reported PTI.
Gold contracts for June delivery declined by Rs 33 or 0.06 per cent to Rs 50,775 per 10 grams in a business turnover of 10,770 lots on the Multi Commodity Exchange (MCX).
As per 100 gram or 1 KG prices of gold, the yellow metal slid by Rs 2,000. The gold prices today stood at Rs 4,70,000 as against previous price of Rs 4,22,000.
Analysts attributed the fall in gold prices to the trimming of positions by investors, tracking a weak trend in the overseas market. In the international market Gold prices fell on Wednesday, as higher U.S. Treasury yields and a looming interest rate hike announcement by the Federal Reserve dented demand for zero-yield bullion. Spot gold was down 0.3% at $1,862.48 per ounce, as of 0217 GMT. U.S. gold futures fell 0.4% to $1,82.40.
Industry leaders stated that gold sales revived on Akshaya Tritiya after being subdued for the past two years owing to Covid-19, as a drop in the metal's prices combined with a national holiday on Tuesday led to significant footfall at jewellery outlets.
Jewellers witnessed heavy interest among customers to buy gold on this Akshaya Tritiya, which is considered auspicious for buying the precious metal, and sales are expected to be 10 per cent higher than last Akshaya Tritiya, according to the industry.
