Gold prices fall to Rs 24,949 per 10g in futures trade

Falling for the second day, gold prices declined by Rs 85, or 0.34%, to Rs 24,949 per 10 grams due to speculative selling after weak global cues.

At the Multi Commodity Exchange, gold for delivery in August shed Rs 85, or 0.34%, to Rs 24,949 per ten grams in business turnover of 323 lots.

In a similar fashion, the metal for delivery in far-month October fell by Rs 80, or 0.32%, to Rs 25,163 per ten grams in 25 lots.

Analysts said sustained fall in the metal's prices at futures trade was mostly in tandem with global sell-offs.

A strong dollar, trading at three-month high against basket of currencies overseas on expectations the Federal Reserve will raise rates this year, eroded demand for the precious metal as an alternative investment.

Globally, gold plunged 3.14% to $1,097.70 an ounce in New York yesterday.