Gold prices fall below Rs 26,000/10grams in futures trade

NEW DELHI: Gold prices plunged by Rs 452 to Rs 25,990 per ten grams in futures trade today as speculators offloaded their positions tracking a weak global trend.

At the Multi Commodity Exchange, the August contract of gold plunged by Rs 452, or 1.71 per cent, to Rs 25,990 per ten grams in business turnover of 2,898 lots.

The June contract of the metal lost Rs 397, or 1.51 per cent, to Rs 25,913 per ten grams in 33,251 lots.

Analysts said speculators offloaded their positions in tandem with a weak global trend. Gold slid 1.6 per cent to 1,370.82 dollar an ounce in London.

In spot market of Delhi, gold prices crashed by Rs 500 to one-month low of Rs 26,800 per 10 grams.

This fall was in continuation to a steep fall of Rs 600 yesterday to hit a level last seen on April 17, after the metal tumbled in overseas markets driven by reports investors cutting their holdings.

Gold in Singapore, which normally sets the price trend on the domestic front, dropped by 0.4 per cent to USD 1,387.30 an ounce, the cheapest since April 19.