Gold futures extend early losses, dip below Rs 29,000

Extending its early morning losses, gold futures slipped below the Rs 29,000-mark by falling Rs 680 to trade at Rs 28,960 per 10 grams today as participants indulged in trimming positions, tracking a weak trend overseas.
Besides, slowdown in buying by jewellers at existing level at the domestic market weighed on the precious metal prices.
At the Multi Commodity Exchange, gold for delivery in far-month June dipped below Rs 29,000-level by plunging Rs 680 or 2.29 per cent to Rs 28,960 per 10 grams in a business turnover of 434 lots. It touched a low of Rs 28,940 intra-day.
Also, the yellow metal for delivery in April contracts was trading down by Rs 666 or 2.27 per cent to Rs 28,720 per 10 grams in 8,787 lots.

Market analysts attributed the fall in gold futures to a weak trend overseas where it dropped the most in almost seven months as rebounding global equities eroded demand for the safe-haven.
Globally, gold slid 2.3 per cent to USD 1,209.54 an ounce in London.