Gold futures fall on global cues

May 16 2012, 15:54 IST
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Gold prices fell by Rs 218 to Rs 27,918 per 10 gm in futures trade today as speculators indulged in trimming their positions after the precious metal dropped to the lowest level in global markets. (Reuters) Gold prices fell by Rs 218 to Rs 27,918 per 10 gm in futures trade today as speculators indulged in trimming their positions after the precious metal dropped to the lowest level in global markets. (Reuters)
SummaryGold prices fell by Rs 218 to Rs 27,918 per 10 gm in futures trade today as speculators indulged in trimming their positions after the precious metal dropped to the lowest level in global markets.

Gold prices fell by Rs 218 to Rs 27,918 per 10 gm in futures trade today as speculators indulged in trimming their positions after the precious metal dropped to the lowest level in global markets.

In addition, a weakening rupee which dipped to record low of Rs 54.46 against the dollar also weighed on the gold futures here.

At the Multi Commodity Exchange, gold for delivery in June fell by Rs 218, or 0.74 per cent, to Rs 27,918 per 10 gm, with a business turnover of 4,238 lots.

Similarly, the metal for delivery in August declined by Rs 137, or 0.69 per cent, to Rs 28,315 per 10 gm, in a turnover of 478 lots.

Market analysts said offloading of positions by speculators largely in tandem with a weak trend in global markets after Greek leaders failed to form a government, increasing speculation that the country may quit the euro, and driving the Dollar Index to a record advance led to a fall in gold prices at futures trade.

Meanwhile, gold fell by 0.7 per cent to USD 1,533 an ounce in Singapore, the lowest level since December 29.

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