The prices of gold dropped by more than 0.42 percent at 26,844 rupees per 10 grams in June futures trade today as profiteers engaged in cut positions in tandem with a weak global trend where precious metal fell to over a 15-week low.
The gold rate touched an intraday high of Rs 26,970 and an intraday low of Rs 26,810.
100McxTips Commodity Advisory said, " In the international market gold touched a three-month low of. Gold prices in the international market is under $ 1265. Support of $ 1270 was down yesterday. The recovery in the U.S. economy and the growing a decrease in demand on gold pressure. It is believed that gold could break even level of $ 1,200.
At Comex gold for August delivery fell to a session low of $1,261.30 a troy ounce, the weakest level since February 7, before trimming losses to last trade at $1,264.70 during European morning hours, down 0.08%, or $1.00.
"A weakening trend in the foreign markets where gold fell throughout 15-week low as encouraging economic data from the United States backed the case of Federal Reserve to keep reducing of monetary stimulus, as demand in China showed signs of decline, weighed on precious metals in futures trade here.", 100McxTips added.
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