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Gold futures take hit as investors turn to equities

Gold prices fell in futures trade in Monday’s session as the increased appetite for riskier equities hit the demand of safe-haven metal.

A slump in demand at the spot market and a weak trend in overseas markets also hit the metal. Global gold prices slipped as gains in the equity markets dented the appeal of the precious metal ahead of a US Federal Reserve policy meeting this week, Reuters reported.

Silver also took a knock on reduced demand by industrial units and coin makers.

The MCX Gold was trading at Rs 31,640 per 10 grams, down by Rs 186, while MCX Silver was trading Rs 233 lower at Rs 37,854 a kilo around 11:10 am.

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