Commodity Online

SINGAPORE: Gold prices declined but stayed above a 1 month low hit the previous day, while Tokyo's precious metals futures tumbled amid declines in commodities markets.

Gold fell to $914.40/915.20 an ounce from $920.30/921.10 ounce late in New York and off Monday's record high of $1,030.80 an ounce.

Gold futures for April delivery on the New York Mercantile Exchange fell 3.72 per cent to $915 an ounce off Monday's record of $1,033.90.

Tokyo gold and platinum futures fell by their daily limits on Friday as they played catch up with a plunge in commodities markets the previous day.

On Thursday, Gold and silver futures on the Multi Commodity Exchange (MCX) suffered heavy losses at the beginning of the trade itself on fears of more selling in global markets under pressure from sharp overnight losses in the US gold futures. While April gold contract shed Rs 153/10gm, May silver contract dropped Rs 491/kg.

At NCDEX the last traded data for Wednesday shows that gold futures opened at 13100 levels and closed at 12900 levels.

In the US market, gold futures suffered their biggest one day dollar decline in 28 years and other precious metals also tumbled sharply on long liquidation Wednesday in the aftermath of a smaller than expected rate cut from the Federal Open Market Committee that came after metals closed on Tuesday, analysts opined.