Diwali is around but the Gold rate is not picking up as expected. The Jewelers are waiting for the customers. When caompared to the on line sales of electronics and other goods, the sentiment for the purchase of gold is yet to pick up . According to the industry pundits the cell phones purchase is on the higher side for Diwali when compared to the Gold.
Gold futures fell 0.27 per cent to Rs 29,865 per 10 gram today as participants cut down their bets amid a weak global trend.
At Multi Commodity Exchange, gold for delivery in December shed Rs 81 or 0.27 per cent to Rs 29,865 per 10 gram in a business turnover of 578 lots.
Also, the metal for delivery in February next year declined by Rs 62 or 0.21 per cent to Rs 29,923 per 10 gram in 7 lots.
Market analysts attributed the fall in prices to weak trend overseas where gold declined, weighed down by the dollar’s strength, eroding demand for a haven.
Meanwhile, gold traded 0.14 per cent lower at USD 1,263.90 an ounce in Singapore today.
