Gold futures down by 0.5% on global cues

Gold prices moved down by 0.48% to Rs 28,571 per 10 gram in futures trade today after participants reduced their exposures, tracking a weak trend overseas.

 

At the Multi Commodity Exchange, gold for delivery in far-month April eased by Rs 136, or 0.48%, to Rs 28,571 per 10 gm in business turnover of two lots.

 

Likewise, the metal for delivery in February shed Rs 137, or 0.47%, to Rs 29,068 per 10 gm in 148 lots.

 

Market analysts said a weak trend in the overseas markets as investors await US payrolls figures after economic data boosted speculation the Federal Reserve may start trimming its monetary stimulus sooner than estimated, mainly put pressure on gold futures here.

 

Globally, gold fell 1.46% to $1,225.10 an ounce in New York in the previous session.