New Delhi: Gold prices fell by 0.27 per cent to Rs 26,670 per ten grams in futures trade in evening session on May 1 as speculators trimmed their positions, taking weak cues from the global markets. The exchange opened for the evening session as it remained closed in the morning for 'Maharashtra Day'. At the Multi Commodity Exchange, gold for delivery in far-month August contracts shed Rs 72, or 0.27 per cent, to Rs 26,845 per ten grams in business turnover of 124 lots.
Also, the precious metal for delivery in June fell by Rs 46, or 0.17 per cent, to Rs 26,670 per ten grams in 595 lots. At the spot markets, gold traded Rs 285 lower at Rs 27,190 per ten grams in the national capital on May 1. Analysts said the fall in yellow metal prices at futures trade was mostly in tandem with a weak trend overseas after a drop in US jobless claims backed the case for the Federal Reserve to raise interest rates, reducing appeal for the precious metal. Meanwhile, gold declined by 0.3 per cent to USD 1,180.26 an ounce in London.
