Gold prices slumped by 1.93 per cent to Rs 25,668 per 10 grams in futures trade on Monday as speculators indulged in trimming positions, tracking weak global and domestic cues.
At the Multi Commodity Exchange (MCX), gold for delivery in far-month February, 2015 contracts slumped by Rs 504, or 1.93 per cent, to Rs 25,668 per 10 grams in 381 lots.
Analysts said a weak trend in the overseas markets after Swiss voters rejected a plan for their central bank to accumulate bullion and the Reserve Bank of India (RBI) on Friday eased curbs on import of the yellow metal put pressure on the gold futures in the national capital.
Likewise, the metal for delivery in December contracts was trading at Rs 25,301 per ten gram, down by Rs 493, or 1.91 per cent in a business turnover of 102 lots.
The RBI on Friday scrapped the 80:20 scheme, easing restrictions on import of gold.
Under the 80:20 norm, which was put in place in August 2013 to curb high gold inflows that was widening the current account deficit, at least 20 per cent of the imported precious metal had to be mandatorily exported before bringing in new lots.
Globally, gold prices fell 2.1 per cent to US $1,142.88 an ounce in Singapore on Monday, the lowest level since November 7.
–PTI