Gold futures and spot prices eased in Indian markets mirroring the international weakness in the metal. The 05 July Contract on Multi Commodity Exchange of India (MCX) fell by 1.02 percetn to 12,331 as against previous close of Rs 12458.
In global markets gold extended losses on Tuesday and dropped below $890 an ounce after the US dollar gained on expectations of a possible interest rate hike, reducing the metal's appeal as an alternative investment.
Gold declined to $889,80/890,70 an ounce from $894,00/896,00 late in New York on Monday. Jewellery makers were taking a wait and watch attitude in expectation of further fall in prices, dealers said.
The dollar hit a three-month high against the yen and rose against other currencies after Federal Reserve chairperson Ben Bernanke said the rise in oil prices added to inflation risks, stoking expectations for rate hikes this year.
Oil was up 68 cents at $135,02 a barrel on Tuesday, having settled $4.19 lower the previous day. US crude jumped to a record $139,12 on Friday in its biggest one-day gain ever.
Silver edged up to $17,07/17,14 an ounce from $17,06/17,16 late in New York on Monday, when it hit a high of $17,67 an ounce, its highest since May 27.
Gold futures for June delivery on the COMEX division of the New York Mercantile Exchange fell $4,4 an ounce to $893,7.
The most active Tokyo platinum contract for April 2009 delivery on the Tokyo Commodity Exchange fell 48 yen per gram to 6 826 yen despite a weaker yen, under pressure from a weak cash market.
Spot platinum fell to $2 022/2 042 an ounce from $2 037,50/2 057,50 late in New York.
Palladium firmed to $424,00/429,00 an ounce from $422,00/427,00.
The benchmark August contract on MCX was trading at Rs 12335 down by 1.05 percent from previous close of Rs 12462.
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