Gold Futures Trade Lower Amid Weak Global Cues and Soft Demand
Gold prices in the futures market experienced a decline on Friday, driven by weak global trends and subdued spot demand. According to data from the Multi Commodity Exchange (MCX), the June contract fell by Rs 1,363, or 0.89%, to settle at Rs 1,52,071 per 10 grams. The business turnover for this contract was recorded at 2,219 lots, indicating reduced trading activity.
Analysts Point to Global Factors for the Decline
Market analysts have attributed the drop in gold futures to subdued global trends. In the international market, gold futures slipped by 0.48% to $4,743.99 per ounce in New York, as reported by PTI. This downward movement reflects broader economic uncertainties and shifting investor sentiment.
Mixed Retail Gold Prices Across Indian Cities
In the physical market, retail gold prices displayed a mixed trend across various Indian cities. The variations were influenced by local factors such as taxes, demand conditions, and regional economic dynamics. Below is a detailed breakdown of the prices in key cities:
- Delhi: 24K gold was priced at Rs 15,163 per gram, down Rs 234, while 22K gold stood at Rs 13,900 per gram, lower by Rs 215.
- Mumbai: 24K gold traded at Rs 15,148 per gram, down Rs 234, with 22K gold quoted at Rs 13,885 per gram, lower by Rs 215.
- Chennai: 24K gold saw an increase, trading at Rs 15,409 per gram, up Rs 136, while 22K gold came in at Rs 14,125 per gram, higher by Rs 125.
- Kolkata: Markets had 24K gold at Rs 15,148 per gram and 22K gold at Rs 13,885 per gram.
- Hyderabad: Gold prices placed 24K gold at Rs 15,300 per gram, up Rs 152, with 22K gold at Rs 14,025 per gram, higher by Rs 140.
- Bangalore: 24K gold was quoted at Rs 15,300 per gram, while 22K gold was at Rs 14,025 per gram.
- Bhopal: Recorded 24K gold at Rs 15,305 per gram, up Rs 152, while 22K gold was at Rs 14,030 per gram, higher by Rs 140.
- Ahmedabad: Saw 24K gold at Rs 15,305 per gram, up Rs 152, and 22K gold at Rs 14,030 per gram, higher by Rs 140.
- Jaipur: 24K gold stood at Rs 15,163 per gram, down Rs 234, with 22K gold at Rs 13,900 per gram, lower by Rs 215.
- Lucknow: Recorded 24K gold at Rs 15,163 per gram, down Rs 234, while 22K gold was at Rs 13,900 per gram, lower by Rs 215.
- Patna: Markets showed 24K gold at Rs 15,305 per gram, up Rs 152, and 22K gold at Rs 14,030 per gram, higher by Rs 140.
The contrasting trends highlight the impact of regional economic conditions on gold pricing, with some cities experiencing gains due to local demand surges or tax adjustments, while others faced declines aligned with broader market sentiment.
