At over one-year low of Rs 27,100 per ten gram, gold futures prices on Monday fell 2.95 per cent to trade, as speculators engaged in offloading their positions after the precious metal dropped to a two-year low in overseas markets. At the Multi Commodity Exchange, gold for delivery in June fell sharply by Rs 825 or 2.95 per cent to Rs 27,100 per 10 gm, the lowest level since March 2012. It clocked a business turnover of 3,190 lots. On similar lines, gold for delivery in August declined by Rs 850 or 2.99 per cent to Rs 27,493 per 10 gm in a business volume of 141 lots. Gold prices had recorded the biggest-ever fall of Rs 1,250 per ten gram to hit one-year low of Rs 28,350 on Saturday. Analysts attributed the persistent fall in gold futures prices to speculative selling by participants, anticipating further fall in prices after the precious metal dipped to a two-year low on expectations that demand will contract as the global economy improves. Besides, a weakening trend at the domestic spot market also weighed on the bullion prices, they said. Meanwhile, the yellow metal dropped as much as 3.9 per cent to $1,425.75 an ounce in Singapore, the lowest level since April 2011.

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