Gold futures prices down on weak global cues, strengthening economy

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Gold price for delivery in February declined by Rs 33 to Rs 28,331 per 10 gm. (AP) Gold price for delivery in February declined by Rs 33 to Rs 28,331 per 10 gm. (AP)
SummaryGold price for delivery in February declined by Rs 33 to Rs 28,331 per 10 gm.

Gold futures prices moved down marginally to Rs 28,331 per 10 gram in futures trade today as participants offloaded partial positions, taking weak cues from the global market.

At the Multi Commodity Exchange, gold for delivery in February declined by Rs 33, or 0.11 per cent, to Rs 28,331 per 10 gm in business turnover of 470 lots.

Likewise, the metal for delivery in April shed Rs 21, or 0.10 per cent, to Rs 27,701 per 10 gm in 18 lots.

Market analysts said a weak trend in the overseas markets as US data showing a strengthening economy boosted equities and curbed demand for safe haven assets, mainly put pressure on gold prices at futures trade here.

Globally, gold traded a shade lower at USD 1,197.20 an ounce in Singapore today.

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