Gold Futures Slip to Rs 1,49,300 on Weak Spot Demand

Gold futures on the Multi Commodity Exchange (MCX) fell to Rs 1,49,300 per 10 grams on Friday, driven by weak spot demand. The decline marked a drop of Rs 16 from the previous trading session. The drop in prices coincided with a broader global trend, as gold futures in New York also dipped by 0.20% to USD 4,131.19 per ounce.

The fall in gold prices was primarily attributed to weaker spot demand. Analysts noted that the reduced demand led to the downward adjustment in futures prices. Despite the decline, trading activity remained steady, with a turnover of 1,281 lots for December delivery contracts.

The decrease in gold prices reflects broader market dynamics, where weaker demand often leads to price corrections. This trend is consistent with historical patterns where spot demand plays a significant role in determining gold futures prices.