Gold Plummets By Rs 1,310 Amid Weak Global Demand Signals, Futures Trade Cool Off
Gold futures prices witnessed a notable dip on Monday, falling by Rs 1,310 per 10 grams. The decline brought the price to Rs 1,53,299 per 10 grams in the domestic futures trade. This movement occurred amid reports of softening spot demand in the market.Domestic Gold Futures Fall on MCX
On the Multi Commodity Exchange (MCX), gold contracts for the June delivery saw substantial weakness. The contracts traded lower by Rs 1,310, marking a 0.85 per cent drop. The final settlement price recorded was Rs 1,53,299 per 10 grams.The domestic futures market registered a business turnover of 1,119 lots during the trading session. The downward trend suggests that traders are reacting to broader market pressures impacting commodity valuations.
Global Weak Cues Drive Price Slide
The primary driver behind the price fall appears to be weak global economic cues. Analysts widely attributed the decline in gold prices to reduced optimism in international markets.This trend was mirrored on the global front. In New York, gold futures declined by 0.87 per cent. The international benchmark price fell to USD 4,788.31 per ounce.
Market Analysis Points to Lower Demand
The combination of reduced spot demand domestically and falling indices globally put downward pressure on the commodity. Experts suggest that global macroeconomic jitters are prompting buyers to temper their buying intentions. The overall consensus points towards caution from investors following the global dip.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.