Gold futures steady amid muted demand

Gold prices in India remained flat at Rs 1,59,650 per 10 grams in futures trade on Thursday, with muted spot demand weighing on the market. October contracts on the Multi Commodity Exchange slipped marginally by Rs 13, while earlier in the session futures had dropped sharply to Rs 1,56,692.

New Delhi: Gold prices on Thursday remained flat at Rs 1,59,650 per 10 grams in futures trade amid muted spot demand.

On the Multi Commodity Exchange, the yellow metal contracts for the October delivery traded at Rs 1,59,650 per 10 grams, down by Rs 13 or 0.01 per cent, in a business turnover of 9,291 lots.

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Earlier in the session, gold futures dropped as much as Rs 2,971 to a low of Rs 1,56,692 per 10 grams from the previous close of Rs 1,59,663.

Analysts attributed the decline in precious metal prices to weaker spot demand.

Globally, gold futures edged up by 0.23 per cent to USD 4,601.64 per ounce in New York.