Bullion futures down on weak Asian cues

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

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.

June gold lost Rs 113, or 0.40%, to Rs 28,350 per 10 grams, with a trade volume of 77 lots.

And in Asia, the metal shed 0.4% to $1,715.07 an ounce in early trade today in Singapore.

Silver futures were down Rs 181 to Rs 56,483 per kg, after speculators reduced their positions amid weak trends abroad.

March silver traded lower by Rs 181, or 0.32%, to Rs 56,483 per kg on the MCX, with a business turnover of 1,494 lots.

The May contract shed Rs 180, or 0.31%, to Rs 57,945 per kg, with a business volume of 70 lots.

Silver in Singapore fell 0.8% to $33.46 an ounce in early trade today.

Weakening trends in Asia region after rating agency Moody's cut the ratings of six European nations, a stronger dollar and reduced demand for alternative investments put pressure on gold and silver prices at futures trade here, analysts said.