Commodities
Gold Prices Plummet to Rs 1,44,022 Amid Weak Demand
Gold futures on the Multi Commodity Exchange (MCX) dropped to Rs 1,44,022 per 10 grams on Friday due to weak spot demand. The price of gold fell by Rs 818 or 0.56 percent from its previous closing.
The October delivery contracts for yellow metal traded lower in a business turnover of 683 lots. Analysts attributed the decline in precious metal prices to weaker spot demand.
Globally, gold futures were trading 0.69 percent down at USD 4,075 per ounce in New York on Friday. The decline in gold prices was also seen globally due to weak market sentiment and declining inflation expectations.