Gold futures drop by Rs 114 on weak Asian cues

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Gold futures drop by Rs 114 on weak Asian cues
Press Trust of India / New Delhi Feb 14, 2012, 11:53

Comments

Gold futures prices declined by Rs 114 to Rs 28,005 per 10 grams today largely due to a weakening trend overseas as strengthening dollar curbed the demand for the precious metal.

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At the Multi Commodity Exchange, gold for delivery in April fell by Rs 114, or 0.41%, to Rs 28,005 per 10 grams, with a business turnover of 1,667 lots.

Similarly, the metal for delivery in June lost Rs 113, or 0.40%, to Rs 28,350 per 10 grams, with a trade volume of 77 lots.

A weakening trend in the Asian region after rating agency Moody's cut the ratings of six European nations, strengthening the dollar and reducing demand for alternative investments, mainly put pressure on the gold prices at futures trade here, analysts said.

Meanwhile, gold dropped by 0.40% to $1,715.07 an ounce in early trade today in Singapore.