Gold prices weaken to at Rs 28,436 in futures trade

Written by PTI | Mumbai | Updated: May 12 2014, 16:42pm hrs
Gold pricesGold futures prices fall by 0.31 per cent to Rs 28,436 per 10 grams.
Gold futures prices today fell by 0.31 per cent to Rs 28,436 per 10 grams as participants indulged in reducing exposures, largely in tandem with a global trend.

At the Multi Commodity Exchange, gold for delivery in June, fell by Rs 89, or 0.31 per cent, to trade at Rs 28,436 per 10 grams in a turnover of 207 lots.

Similarly, the metal for delivery in August shed Rs 66, or 0.24 per cent, to Rs 27,850 per 10 gm in three lots.

Globally, gold lost as much as 0.70 per cent to USD 1,280.02 an ounce, the lowest level since May 2 in Singapore.

Analysts said a weakening trend overseas amid speculation that the Federal Reserve will press on with reducing monetary stimulus, weighed on gold prices at futures trade.