Gold futures fall on weak Asian trend

Gold prices fell by Rs 187 to Rs 28,245 per 10 gram in futures trade today as speculators offloaded their positions on the back of a weak trend in the Asian region.

Trading sentiment turned bearish after gold fell in the Asian markets as concern about a potential Greek default drove the dollar higher and some investors sold the metal to cover losses in other markets.

Fall in demand at existing higher levels in the spot market further fuelled the downtrend.

At the Multi Commodity Exchange, December gold fell by Rs 187, or 0.66% to Rs 28,245 per 10 grams in a business turnover of 1,483 lots.

The October contract lost Rs 175, or 0.62% to Rs 27,977 per 10 grams in 21,748 lots.

Market analysts attributed the fall in gold prices to weakening trend in Asian region.

They said fall in demand at prevailing higher levels also influenced the trading sentiment.

Meanwhile, gold declined by 0.7% to $1,842.25 an ounce in Asia.