Business

Gold slips to Rs.108 suffers worst fall since October

Gold prices were trading lower by Rs.108 to Rs.28,338 per 10 grams in futures trade on Friday as participants cut down their holdings amid a weak global cues.

The precious metal is seen sliding toward $1,200 an ounce, longest losing streak since October, as positive US economic figures reinforce expectations that yields on other investments will rise this year.

At Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 108, at Rs.28,338 per 10 grams, in a business turnover of 516 lots.

Also, the metal for June delivery shed Rs.96, to Rs.28,410 per 10 grams in 47 lots.

Analysts say that a weakening trend in the overseas markets on growing hopes of a rate hike by the US Federal Reserve next week is diminishing demand for the precious metals as a safe haven and have weighed on gold futures here.

Profit-booking at the prevailing levels also contributed in the fall in the precious metal prices, they added.

A better-than-expected US private jobs data this week also boosted the dollar, which makes gold costlier for those with other currencies.

Globally, gold fell 0.34 per cent, to USD 1,196.70 an ounce in Singapore.

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