Gold price futures down on weak global cues

Written by PTI | New Delhi | Updated: Jun 3 2014, 16:18pm hrs
Gold prices fell 0.25 per cent to Rs 26,635 per 10 gram in futures trade today as participants reduced their positions largely in tandem with a weak trend overseas where precious metal dropped to a four-week low.

At the Multi Commodity Exchange, gold for delivery in June month contracts eased by Rs 66, or 0.25 per cent, to Rs 26,635 per 10 gram in business turnover of three lots.

Likewise, the metal for delivery in August shed Rs 63, or 0.24 per cent, to Rs 25,686 per 10 gram in 137 lots.

Market analysts said a weakening trend in the overseas markets as signs that the improving US economy drove advances in the dollar and equities, eroding demand for safe haven as an alternative investments, weighed on gold futures here.

Globally, gold fell to USD 1,243.09 in Singapore today from yesterday's USD 1,243,93 an ounce.