The Slide of Indian Gold

India Gold 2

Gold prices in India on Monday dropped by Rs. 399 (1.54%), to reach Rs. 25,556 per ten grams in futures trade coherent with low overseas trends.

Gold prices that had been tumbling since last week dropped by Rs. 399 (1.54%), to be traded at Rs. 25,556 per ten grams for delivery in August at the Multi Commodity Exchange.

June gold delivery fell by Rs. 380 (1.47%) to reach Rs. 25,455 per ten grams in 2,432 lots. At spot markets of Delhi on Saturday last week, gold was traded at Rs. 26,700 per ten grams.

The nonstop losses in the overseas markets, where gold plunged to one-month low, put pressure on the yellow metal prices at futures trade, analysts said. They also added the decrease in ETF holdings and enhancement in the US economy hit gold’s appeal.

Gold prices globally, declined by 1.5% to reach $1,338.85 an ounce, its lowest price since April 18.