Gold price futures down on weak global cues

May 27 2014, 12:23 IST
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SummaryGold prices fell 0.23 per cent to Rs 27,420 per 10 gram in futures trade today...

Gold prices fell 0.23 per cent to Rs 27,420 per 10 gram in futures trade today as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in June contracts eased by Rs 63, or 0.23 per cent, to Rs 27,420 per 10 gram in business turnover of 446 lots.

Likewise, the metal for delivery in August shed Rs 17, or 0.03 per cent, to Rs 26,855 per 10 gram in 55 lots.

Market analysts said there is a weakening trend in the overseas markets as the euro weakened against dollar, reducing the appeal of the metal and pressuring the gold prices in futures trade.

Globally, gold fell to USD 1,291.840 an ounce in Singapore from USD 1,292.91 yesterday.

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