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On Friday, gold prices fell by Rs 354, settling at Rs 88,352 per 10 grams in futures trade, driven by subdued spot demand. The decline came as traders reacted to weak global cues impacting the commodity market.
Futures Market Activity
On the Multi Commodity Exchange (MCX), gold contracts for April delivery dropped by Rs 354, or 0.4%, to Rs 88,352 per 10 grams. This was based on a business turnover of 11,802 lots, reflecting moderate trading activity in the gold futures market.
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Global Market Trends Affecting Gold Prices
Analysts linked the drop in domestic gold prices to weakening global cues, with international markets showing a slight decline. In New York, gold futures slipped 0.18%, trading at USD 3,038.30 per ounce, further influencing the bearish trend in local gold prices.
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