Gold futures fall 0.47% on global cues

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New Delhi | Updated: November 28, 2014 11:49:22 AM

Gold prices eased by 0.47 per cent to Rs 26,509 per 10 grams in futures market.

Tracking a weak global trend, gold prices eased by 0.47 per cent to Rs 26,509 per 10 grams in futures market. (Reuters)Tracking a weak global trend, gold prices eased by 0.47 per cent to Rs 26,509 per 10 grams in futures market. (Reuters)

Tracking a weak global trend, gold prices eased by 0.47 per cent to Rs 26,509 per 10 grams in futures market as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in far-month February fell by Rs 125, or 0.47 per cent, to Rs 25,509 per 10 grams in a business turnover of 265 lots.

Similarly, the yellow metal for delivery in December lost Rs 117, or 0.45 per cent, to Rs 26,130 per 10 grams in 529 lots.

Market analysts said the fall in gold futures was mostly due to a weakening trend in the global market as crude oil at the lowest level in four years increased prospects for a cooling of consumer prices, reducing demand for an inflation hedge.

Meanwhile, gold in Singapore dropped 0.90 per cent to USD 1,181.84 an ounce, the lowest since November 20.

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