Bullion Market: Gold Futures Fall Rs 68 At Rs 38,021 Per 10 GM

Gold futures traded lower by Rs 68 at Rs 38,021 per 10 gm on Tuesday as speculators reduced their positions even as the metal gained overseas. On the Multi Commodity Exchange (MCX), gold contracts for December delivery traded lower by Rs 68, or 0.18 per cent, at Rs 38,021 per 10 gm in 540 lots.

Similarly, gold for delivery in February next year fell by Rs 64, or 0.17 per cent, at Rs 38,310 per 10 gram in 7 lots. Trading on the MCX was closed till 1700 hrs on account of Maharashtra Assembly elections. Globally, gold was quoting 0.06 per cent higher at USD 1,495 an ounce in New York.

Meanwhile, equity benchmarks BSE Sensex and NSE Nifty stared on a volatile note on Tuesday as index heavyweight Infosys dampened the rally in energy and banking stocks in early trade. Shares of Infosys plunged up to 14 per cent after an anonymous group claiming to be employees of the IT major placed a whistleblower complaint to the company's board, accusing CEO Salil Parekh and CFO Nilanjan Roy of indulging in unethical practices to boost short-term revenue and profits. After swinging nearly 300 points in early session, the 30-share index was trading 82.38 points, or 0.21 per cent, lower at 39,216 in morning trade.

In similar movement, the broader NSE Nifty fell 2.50 points, or 0.02 per cent, to 11,659.35. Other losers in the Sensex pack included Tata Motors, HCL Tech, Tech Mahindra and Asian Paints, shedding up to 4 per cent.

Among the gainers were Yes Bank, TCS, Bharti Airtel, HUL, ICICI Bank, Hero MotoCorp, HDFC twins, RIL and ITC, rallying up to 7 per cent. In the previous session on Friday, the 30-share BSE Sensex closed 246.32 points or 0.63 per cent higher at 39,298.38, while the Nifty rose 75.50 points or 0.65 per cent to settle at 11,661.85.