Gold futures down 0.5% on global cues

Sentiment turns bearish as gold falls for second day in global markets, on fears Greece may exit euro

Gold futures prices today fell by Rs 155 to Rs 28,932 per 10 grams as speculators offloaded their positions on the back of weak global trend.

Sentiment turned bearish after gold retreated for a second day in global markets as concern that Greece may leave the euro region strengthened the dollar, trimming demand for alternative investments.

At the Multi Commodity Exchange, gold for delivery in June shed Rs 155, or 0.53%, to Rs 28,932 per 10 grams in a business turnover of 767 lots.

August gold was down Rs 142, or 0.48%, to Rs 29,625 per 10 grams in business turnover of 913 lots.

Market analysts said speculators offloaded their positions in tandem with a weak trend in overseas market mainly led to the fall in gold prices at futures trade.

Meanwhile, gold fell 0.8% to $1,555.97 an ounce in Singapore.