Gold futures decline on weak global trend

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Agencies Tags : bullion, india, gold price
Posted: Monday , Dec 01, 2008 at 1323 hrs IST New Delhi:

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Gold prices declined in futures trading on Monday on fresh selling in view of a weakening trend in global markets.

The precious metal for December contract fell 0.69 per cent to Rs 13,075 per ten gram on the Multi Commodity Exchange in a trading volume of 745 lots.

The gold for April-month contract fell 0.55 per cent to Rs 13,100 per ten gram in trading of 35 lots, while its February contract dropped 0.46 per cent at Rs 13,070 per ten gram in trading volume of 1,892 lots.

Marketmen said trading sentiment turned weak as the gold declined for the first time in three days in Asia as crude oil fell and equities dropped after US retailers made lowest purchases in three years on the 'Black Friday' holiday.

The gold in Hong Kong opened lower today at 811.00 dollars an ounce, down from Friday's close of 813.00 dollars, as falling crude oil prices reduced concerns of inflation.

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