MCX Gold June futures contract slips 1% to Rs 26,492

At MCX Gold futures contract slipped on Monday as metals traders awaited a potential deal regarding the destabilization of Iran’s nuclear program.

At the MCX, gold futures delivery in June was trading at Rs 26,492 down Rs 339, or 1.26 percent. Gold touched an Intraday high of Rs 26760 and an Intraday low of Rs 26476. So far 2459 futures contracts have been traded on the Multi Commodity Exchange.

At the bullion market in Delhi, gold of 99.9 per cent purity recorded a steep fall of Rs 410 to Rs 26,690 per 10 grams and 99.5 per cent pure gold plunged by Rs 360 to Rs 26,540.

On the Comex, New York, gold futures delivery in June plummeted $15.80 or 1.32% to $1,184.90.

The chancellors of the leading powers of the world met in Lausanne, Switzerland, on Monday, as the minutes passed up a time limit for reaching a preliminary agreement with Iran. The two sides expect to negotiate the final details of an agreement that would limit Iran’s nuclear capability before by midnight Tuesday night.

Gold is considered a safe haven for investors in times of global instability. Reach agreement could push investors away from precious metals and riskier assets bearing performance.

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