Gold futures weaken on global cues

Apr 30 2014, 14:41 IST
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SummaryGold futures fell by 0.28 per cent to Rs 28,079 per 10 grams today as participants engaged in reducing exposures, largely in tandem with a global trend.

Gold futures fell by 0.28 per cent to Rs 28,079 per 10 grams today as participants engaged in reducing exposures, largely in tandem with a global trend.

At the Multi Commodity Exchange, gold for delivery in August, fell by Rs 80, or 0.28 per cent, to trade at Rs 28,079 per 10 grams in a turnover of 134 lots.

Similarly, the metal for delivery in June shed Rs 47, or 0.16 per cent, to Rs 28,703 per 10 gm in 1,323 lots.

Globally, gold lost as much as 0.25 per cent to USD 1,292.70 an ounce in Singapore today.

Analysts said a weakening trend overseas on speculation that the Federal Reserve will further reduce US monetary stimulus at a two-day policy meeting that concludes today, put pressure on gold futures here.

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