Gold prices remained down today in line with weak global sentiments in the domestic futures market due to the profit booking by traders. The metal dipped despite a weakness in the US dollar, as, for the first time in the last few days, the momentum seemed to be turning bearish for the yellow metal.
MCX Gold futures eased sharply following the global cues, plummeting to a low of Rs 15210 an currently trades at Rs 15241, down Rs 243 or 1.60% from the previous close. The contract dropped 2.27% of the open interest as traders booked profits after massive gains off late.
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COMEX Gold for April delivery fell $25.5 or 2.6% to close at $969.1 an ounce on the New York Mercantile Exchange yesterday, coming off nearly one-year highs. The slide extended further today, with the prices slumping by nearly $15 to trade at $954.10 an ounce. Last week, gold ended roughly higher by 5.5%.
