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Gold futures tumble 1.93% on weak global, domestic factors

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gold jewelleryNew Delhi,1 Dec(PTI) Tracking weak global and domestic cues, gold prices slumped 1.93 per cent to Rs 25,668 per 10 grams in futures trade today as speculators indulged in trimming positions.

At the Multi Commodity Exchange, gold for delivery in far-month February nest year contracts plunged by Rs 504, or 1.93 per cent, to Rs 25,668 per 10 grams in a business turnover of 381 lots.

Likewise, the metal for delivery in December contracts was trading at Rs 25,301 per ten gram, down by Rs 493, or 1.91 per cent in 102 lots.

Analysts said a weak trend in the overseas markets after Swiss voters rejected a plan for their central bank to accumulate bullion and the Reserve Bank of India on Friday eased curbs on import of the precious metal put pressure on the gold prices at futures trade here.

Easing restrictions on gold imports, the Reserve Bank on Friday scrapped the 80:20 scheme.

Under the 80:20 norm, put in place in August 2013 to curb high gold inflows that was widening the current account deficit, at least 20 per cent of the imported gold had to be mandatorily exported before bringing in new lots.

Globally, gold fell 2.1 per cent to USD 1,142.88 an ounce in Singapore today, the lowest level since November 7.

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