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Gold prices fall despite strong demand

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Gold prices fall despite strong demand
Festive and wedding season in India have kept gold under the shiny zone, despite high volatility in prices. After opening high, the prices of gold fell in afternoon trade most by Rs 155.

The most actively traded gold contract, for December delivery opened at Rs 26,611 per 10 grams and was trading in the range of Rs 26,464 – Rs 26,480 per 10 grams.

 

And, the metal for February contract delivery opened at Rs 26,883 per 10 grams was trading in the range of Rs 26,751 – Rs 26,773 per 10 grams same time.

The gold for immediate delivery on MCX was at around Rs 26,476 per 10 grams.

On domestic front, 24 carat gold was at Rs 26,270 per 10 grams and 22 carat gold was at Rs 24,340 per 10 grams.

Fall in prices of gold is attracting lot of buyers making them to cash out this opportunity.

Dealers have been building stock of gold ahead of the Diwali and Dhanteras as they expect demand to go up further as and when India's big festivals coming closer, said a dealer.

On the occasion of Dussera as well, demand was intact for gold.

GoodReturns.in

Read more about: gold mcx diwali
Story first published: Friday, October 7, 2011, 15:35 [IST]
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