Gold futures slide 1 pc on strong dollar, US data worries curb investor demand

Gold prices dropped sharply in the futures trade tracking weak global trends due to a strong dollar and cautious sentiment ahead of key US macroeconomic data weighed on investor appetite for the precious metal.

On the Multi Commodity Exchange (MCX), gold futures for December delivery plunged by Rs 1,477, or 1.19 per cent to Rs 1,22,714 per 10 grams in a business turnover of 9,400 lots. Silver futures too witnessed selling pressure, with the white metal for December delivery tanked by Rs 1,176, or 0.76 per cent, to Rs 1,52,975 per kilogram in 10,963 lots.

In the global markets, bullion prices were under pressure as the dollar index, which gauges the greenback’s strength against a basket of six currencies, stayed elevated above the 100 mark, its highest in nearly six months, capping upside potential for precious metals.