Gold Down On Weak Overseas Trend

Gold futures closed lower in the domestic market on Tuesday Amid a weak trend overseas as participants cut down their bets.

Analysts said a weak trend in the overseas markets where gold fell from the highest in more than two years as equities surged and the dollar advanced following a jump in the US payrolls, reducing demand for the precious metal as a store of value weighed on the precious metal prices in futures trade.

At the MCX, Gold futures for August 2016 contract closed at Rs 31035, per 10 gram, down by 1.72 per cent after opening at Rs 31,608, against the previous closing price of Rs 31,578. It touched the intra-day low of Rs 30,992.
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Suhani Verma

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