Gold falls 0.23% on weak global cues

Written by PTI | New Delhi | Updated: Aug 11 2014, 19:41pm hrs
Gold fallThe metal for delivery in October shed Rs 54, or 0.19 per cent, to Rs 28,550 per 10 grams in 310 lots.
Tracking weak trend overseas, gold futures fell 0.23 per cent to Rs 28,528 per 10 grams today as speculators reduced their exposures amidst a weak global trend.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 65, or 0.23 per cent, to Rs 28,528 per 10 grams in a business turnover of 23 lots.

On similar lines, the metal for delivery in October shed Rs 54, or 0.19 per cent, to Rs 28,550 per 10 grams in 310 lots.

Market analysts said the fall in gold futures was mostly in line with a weak trend overseas as investors weighed tensions in the Middle East and Ukraine, while assets in the biggest exchange-traded product capped the largest weekly contraction in three months.

Meanwhile, gold prices fell by 0.30 per cent to USD 1,305.28 an ounce in Singapore today.