New Delhi, Gold prices fell by Rs 226 to Rs 1,08,760 per 10 gram in the domestic futures market on Thursday following weakness in the international market.
On the Multi Commodity Exchange (MCX), the most-traded gold futures for October delivery fell by Rs 226, or 0.21 percent, to Rs 1,08,760 per 10 gram in a business turnover of 16,883 lots.
“Gold prices have fallen below the Rs 1,09,000 level in the domestic market due to profit booking as investors booked nearly 10 percent gains in just two weeks,” said Deveya Gaglani, senior research analyst (commodities) at Axis Securities.
Besides, silver futures for December delivery on MCX fell by Rs 478, or 0.38 percent, to Rs 1,24,702 per kg.
Globally, gold futures for December delivery on Comex were trading 0.38 percent lower at $3,667.95 an ounce.
“Gold did not hold its recent gains much from its record highs on expectations of interest rate cuts by the US Federal Reserve (Fed) and rising geopolitical tensions,” said Jigar Trivedi, senior research analyst at Reliance Securities.
Geopolitical developments, including US President Donald Trump’s call for the European Union to impose tariffs on China and India to pressure Moscow over the Ukraine conflict and growing hostility in the Middle East, continue to boost the safe-haven appeal of the metal, Trivedi said.
Meanwhile, in overseas markets, Comex silver futures for December delivery rose 0.11 percent to $41.64 an ounce.
“Investors’ focus will now be on Consumer Price Index data, to be released later in the year to provide further guidance on the Fed’s interest rate cycle and the short-term trajectory of bullion prices,” he said.
