Gold Futures Slip on Weak Global Trend

Business

oi-Sneha

By Sneha B K

Published: Friday, November 28, 2014, 15:35 [IST]

Gold futures were seen trading lower on Friday tracking weak overseas trend followed by dip in oil prices, dragging the metal lower. Oil prices have spilled to the lowest level in four years indicating slowing inflation in the world economy.

International spot gold slipped to $1,184 an ounce after opening at $1,197 an ounce. Gold dropped to one-week low on expectation that drop in oil prices will reduce the demand for an inflation hedge .

Gold futures also slipped further tracking overseas trend. Gold Futures on the Multi Commodity Exchange fro December delivery was seen trading at Rs 26,130 per 10 grams, lower by Rs 117 at 3.10 pm IST.

Gold for delivery in far-month February fell by Rs 100, or 0.38%, to Rs 26,534 per 10 grams. It touched an intra-day low of Rs 26,491 per 10 grams.

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