Gold is trading at Rs 29,275 per 10 grams as participants cut down their bets amid a weak global trend.
After gaining about 13 per cent in 2017 till date, the prices of gold is expected to witness some correction in the coming months due to the likelihood of an interest rate hike by the US Federal Reserve in December.
New Delhi: Gold prices fell 0.15 per cent to Rs 29,275 per 10 grams in futures trade on Monday as participants cut down their bets amid a weak global trend.
At Multi Commodity Exchange, gold prices for delivery in December fell by Rs 43, or 0.15 per cent, to Rs 29,275 per 10 grams in a business turnover of 77 lots.
Analysts attributed the fall in prices to lower positions from participants, tracking a weak trend in the global market, as investors remained cautious ahead of the naming of the next US Federal Reserve chair and a two-day Federal Open Market Committee (FOMC) meeting this week.
Meanwhile, gold fell 0.16 per cent at USD 1,271.20 an ounce in Singapore on Monday.
( Source : PTI )
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