Gold prices slide to Rs 29,535 per 10 grams after Fed statement

September 21, 2017

New Delhi-India The precious metal gold slide down Rs 239 to Rs 29,535 per 10 grams in futures trade on September 21 as investors reduced their positions in the metal. The decision of investors was largely influenced by the weak trend overseas.

At the Multi Commodity Exchange, gold for expiry in October was trading lower by Rs 239 at Rs 29,535 per 10 grams at 4.43PM, whereas gold for expiry in far-month December lost Rs 266 to Rs 29,679 per 10 grams.

 The fall in gold price was also due to profit-booking by investors at the existing levels.

 In US, gold fell to its lowest level in nearly four weeks on September 21 after the Federal Reserve signalled it was on track to raise US interest rates again in December.

 The spot gold was down 0.5 per cent at $1,295.51 an ounce at 1005 GMT, and the US gold futures for December delivery were down $17.40 an ounce at $1,299.

TimesOfIndia

Silver Phoenix Twitter                 Silver Phoenix on Facebook