New Delhi: Gold prices dipped below psychological level of Rs 27,000 by falling Rs 335 to Rs 26,685 per ten grams in futures trade on Monday as speculators offloaded their positions in tandem with a weak global trend. Sluggish demand in the spot market due to off marriage and festival season further influenced the gold prices.
At the Multi Commodity Exchange, gold for delivery in August month fell by Rs 335, or 1.24 per cent, to Rs 26,685 per ten grams in business turnover of 13,953 lots. Similarly, metal for delivery in October month declined by Rs 325, or 1.20 per cent, to Rs 26,837 per ten grams in 434 lots.
Market analysts said speculators offloaded their positions in tandem with a weak global trend on the prospect that reduced monetary stimulus from the US Federal Reserve may spur a stronger dollar and erode demand for a store of value.
Meanwhile, gold fell 1.4 per cent to 1,278.94 dollar an ounce in Singapore.