Commodities
Gold Prices Fall Sharply Amid Weak Spot Demand
Gold prices declined sharply in futures trade on the Multi Commodity Exchange (MCX) due to weak spot demand and lower global prices. The yellow metal contracts for October delivery traded lower by Rs 208, or 0.13 per cent, at Rs 1,54,252 per 10 grams. This decline is attributed to weaker spot demand, as analysts point out.
The business turnover on the MCX was 2,452 lots, with the price drop affecting the futures trade of gold. Globally, gold futures also declined by 0.12 per cent to USD 4,432.26 per ounce in New York.