New Delhi, Sep 4 (PTI) Gold prices on Thursday eased from their record highs, plunging Rs 1,395 to Rs 1,05,800 per 10 grams in futures trade on the MCX as traders booked profits at higher levels amid a bearish
sentiment in the global markets.
On the MCX, the most traded gold futures for October delivery declined Rs 1,395, or 1.30 per cent, to Rs 1,05,800 per 10 grams in the morning trade.
It had rallied to hit an all-time high of Rs 1,07,226 per 10 grams on the Multi Commodity Exchange (MCX) on Wednesday.
The precious metal futures for December delivery also witnessed a pullback, dropping Rs 1,403, or 1.29 per cent, to Rs 1,06,832 per 10 grams after scaling a record high of Rs 1,08,321 per 10 grams in the previous close on the commodities bourse.
According to commodities market expert, gold prices showed profit taking from higher levels amid a rebound in the dollar index.
In the overseas markets, Comex gold futures for December delivery slipped USD 52.3, or 1.43 per cent to trade at USD 3,587.80 per ounce after hitting a lifetime high of USD 3,640.10 per ounce in the previous session.
Meanwhile, job openings and labour turnover survey showed a sharp decline, while the US ISM Manufacturing PMI also contracted for the sixth straight month, with subdued hiring trends reflected in its employment component, pointing to a slowing American economy.
The data release on Wednesday signalled that the labour market is cooling and reaffirms bets that the US Federal Reserve (Fed) will lower borrowing costs later this month, they said.
Investors are awaiting the crucial US non-farm payroll data due on Friday, which will provide insights about the Fed’s monetary policy and trajectory for the precious metal prices in the short term. PTI HG TRB
