Gold futures edged lower on MCX as speculators offloaded their holdings amid a weakening trend in the overseas markets where gold dropped for a seventh straight day, heading for the longest run of declines since May as comments from leading central bankers boosted speculation that interest rates may rise in coming months.
The contract for October delivery was trading at Rs 30943.00, down by 0.15% or Rs 47.00 from its previous closing of Rs 30990.00. The open interest of the contract stood at 9102.00 lots.
The contract for December delivery was trading at Rs 31126.00, down by 0.16% or Rs 50.00 from its previous closing of Rs 31176.00. The open interest of the contract stood at 3815.00 lots on MCX.