As speculators offloaded their positions, gold futures prices fall on weak global cue

Written by PTI | New Delhi | Updated: Aug 21 2014, 18:35pm hrs
Tracking a weak global trend, gold prices fell by Rs 142 to Rs 28,070 per 10 grams in futures market today as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 142, or 0.50 per cent, to Rs 28,070 per 10 grams in a business turnover of 359 lots.

Similarly, the yellow metal for delivery in December lost Rs 125, or 0.44 per cent, to Rs 28,113 per 10 grams in 19 lots.

Analysts said the fall in gold futures was mostly due to a weakening trend in the global market as minutes of the Federal Reserve's last meeting signalled that policy makers may increase borrowing costs earlier than expected amidst strengthening dollar, reducing appeal of precious metals.

Meanwhile, gold in Singapore dropped 0.20 per cent to USD 1,288.81 an ounce.