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  • Gold futures extend losses on global cues

    Published on October 20, 2010

    Gold futures prices declined by 0.75 per cent, to Rs 19,430 per ten gram on Wednesday , as speculators engaged in offloading positions after metal tumbled nearly 2.5 per cent, after firming dollar eroded its demand as an alternate investment.

    At the Multi Commodity Exchange counter, gold for December delivery fell by Rs 128, or 0.75 per cent, to Rs 19,430 per ten gram, with an open interest of 3,212 lots. It ended 1.7 per cent down at Rs 19,558 per ten gram in the previous session.

    The metal for delivery in June lost Rs 68, or 0.30 per cent, to Rs 19,964 per ten gram, with an open interest of 11 lots, while delivery in April contract shed Rs 51, or 0.2 per cent to Rs 19,858 per ten gram with an open interest in 15 lots.

    Analysts said the continued fall in gold futures market was mostly due to reducing of positions by speculators on weakening global trend after a surprise rate hike by China boosted the dollar, which eroded demand for the metal.

    Meanwhile, gold tumbled USD 34.30, or two per cent to USD 1,335.30 an ounce in Asian region in the previous session