Gold prices fell below Rs 25,000 per 10 grams today by tumbling Rs 524 in futures trade after the precious metal sank to over five-year lows in global market.
At the MCX, the gold contract for delivery in August crashed by Rs 524, or 2.06 per cent, to Rs 24,974 per 10 grams in a business volume of 597 lots at the Multi Commodity Exchange.
Also, the metal for delivery in far-month October was trading Rs 519, or 2.02 per cent, down at Rs 25,200 per ten grams in 30 lots.
Analysts said a weak trend in the overseas markets where gold slumped to the lowest in more than five years amid prospects for higher US rates dragged gold futures below Rs 25,000 level here.
Globally, gold was trading lower at USD 1,086.18 an ounce in Singapore today, the lowest since March 2010. Prices sank 2.5 per cent last week, the most since March.
While China updated its bullion reserves on Friday for the first time since 2009, 57 per cent increase to 1,658 metric tonnes was smaller than had been estimated.
PTI