Gold Futures slip more than 1% as selling pressure persist

Gold Futures slipped more than 1% on Wednesday as downtrend seen in the market forced investors to close off bets in the yellow metal.

International gold was reversed morning gains and was seen lower after sluggish economic growth in France and Germany which strengthened dollar. Spot gold dropped to $1,411 from $1,420 an ounce.

The continued decline in holdings in bullion-backed exchange traded products (ETP) weighed on the sentiment.

MCX spot gold was seen trading at Rs 26, 770 per 10 grams. While, spot silver was seen at Rs 43,789 per kg.

Gold futures for June delivery was seen trading at Rs 26,429 per 10 grams on the Multi Commodity Exchange at 2.20 pm IST.

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