The price of Gold softened by 0.19 percent to Rs 30,938 for 10 grams in futures trade on Thursday as speculators reduced their positions to book profits even the yellow metal strengthened in the overseas.
Gold futures contracts are the standardized, exchange-traded contracts which can offer a hedge versus inflation, a speculative play, a substitute investment class or a commercial hedge for investors seeking prospects outside of traditional equity & fixed income securities. In Fold future contract, buyer agrees to take delivery from the seller for a particular quantity of gold at a pre-decided price on a future delivery date.
At the Multi Commodity Exchange (MCX), gold for delivery in far-month August declined by 0.18 pc to Rs.57 and stands at Rs.31,201 per ten grams in business turnover of 29 lots. For June delivery, the precious metal decreased by 0.26 pc at Rs 81 and stood at Rs 30,926 for ten grams.
The price of gold in market internally was recorded at USD 1,287.84 per ounce. In India, today’s price of the yellow metal for 22 Carats is Rs 3,052 per gram and for 24 Carats is Rs 3,264.20 per gram.