Gold futures down 0.86% at Rs 34,221 per 10 gram in evening trade

Source: moneycontrol.com

Gold prices were trading lower by Rs 345 at Rs 34,221 per 10 gram in evening trade on June 26 after traders cut positions on weak overseas trend and comments from the US Fed officials.

The retail price of gold was Rs 34,060 per 10 gram excluding GST in Mumbai. Jewellers may have to offer a discount on gold prices during Diwali to spur demand, said PR Somasundaram of World Gold Council (WGC) in a daily report published by India Bullion and Jewellers Association.

The gold rate touched an intraday high of Rs 34,465 and an intraday low of Rs 34,176 on MCX. For the August series, the precious metal touched a low of Rs 31,390 and a high of Rs 34,893.

On the Multi Commodity Exchange, Gold contracts for October delivery were trading lower by Rs 349, or 1 percent, at Rs 34,395 per 10 gram in a business turnover of 5,218 lots, while the August contract saw a business turnover of 18,028 lots. The far-month December contract saw a cut of Rs 382 or 1.09 percent at Rs 34,749 per 10 gram with a business volume of 16 lots.

The value of the August contract traded so far is Rs 4,091.66 crore and October contract saw value of Rs 181.48 crore.

Similarly, Gold Mini contract for July was lower by Rs 296, or 0.86 percent at Rs 34,004 in a business turnover of 7,528 lots.

MCX Gold price is expected to trade negatively with good resistance at Rs 34,470 levels and intermediate resistance at Rs 34,350 level, according to Motilal Oswal. The commodity broking firm advised its clients to sell on rallies with a target price at Rs 34,050-33,900 zone.At 8:18 am (EST) spot gold was trading lower by $17.64 at $1,405.21 an ounce in New York.