Gold prices tumble on weak futures trend, firm rupee

Gold prices tumbled by Rs 840 to Rs 32,100 per 10 gm in the national capital today on reduced offtake along with a weak trend in futures trade on ending monthly settlement amid a firming rupee.

Sentiment turned bearish as the gold in futures trade fell on ending of monthly settlement on the Multi Commodity Exchange and a firm rupee attracted investment support.

On the other hand, silver prices rose by Rs 800 to Rs 62,800 per kg on fresh buying by industrial units and coin makers.

Traders said gold fell on poor demand at prevailing higher levels, weak trend at futures and shifting of investors funds from bullion and forex to rising equity markets mainly pulled down the gold prices.

They said gold in futures trade fell on monthly settlement, forced speculators to cover up their pending long positions created in the recent.

The gold on the Multi Commodity Exchange fell by 0.35 per cent to Rs 31,469 per 10 gm for the December devilry.

On the domestic front, gold of 99.9 and 99.5 per cent purity dropped sharply by Rs 840 each to Rs 32,100 and Rs 31,900 per 10 gm, respectively. Sovereign followed suit and declined by Rs 50 to Rs 25,550 per piece of eight gram.

However, silver ready found fresh buying support from stockists and jumped up by Rs 800 to Rs 62,800 per kg and weekly-based delivery by Rs 370 to Rs 62,860 per kg.

Silver coins continued to be asked around previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.

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