Gold price down in futures trade on global cues, rising rupee

May 15 2014, 14:09 IST
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SummaryGold prices moved down by 0.58 per cent to Rs 28,537 per 10 grams in futures trade today as participants indulged in trimming positions, tracking a weak trend overseas.

Gold prices moved down by 0.58 per cent to Rs 28,537 per 10 grams in futures trade today as participants indulged in trimming positions, tracking a weak trend overseas.

Besides, appreciating rupee also weighed on gold prices.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 167, or 0.58 per cent, to Rs 28,537 per 10 grams in a business turnover of 2,637 lots.

Likewise, the metal for delivery in August traded lower by Rs 163, or 0.58 per cent, to Rs 27,872 per 10 grams in 106 lots.

Market analysts said apart from a weak trend in the overseas markets, appreciating rupee which surged to almost 10-month high against the US dollar, making imports cheaper, put pressure on gold prices at futures trade.

Globally, gold traded 0.24 per cent lower at USD 1,302.60 an ounce in Singapore today.

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