 "Gold futures fall 1.1% on weak global cues")
Gold prices fell by 1.13% to Rs 27,011 per 10 grams in futures trade today as speculators reduced their exposures, tracking overnight plunge in the precious metals in global markets.
At the Multi Commodity Exchange, gold for delivery in February next year fell sharply by Rs 309, or 1.13%, to Rs 27,011 per 10 grams in a business turnover of 1,725 lots.
Likewise, the metal for delivery in April 2015 contracts eased by Rs 281, or 1.02%, to Rs 27,160 per 10 grams in 14 lots.
Market analysts said a weak trend in overseas markets where the precious metal retreated by 2.32% -- the most since December 19 -- to 1,193.50 after positive US manufacturing data supported the case for higher borrowing costs next year weighed on gold prices in futures trade here.
At the Multi Commodity Exchange, gold for delivery in February next year fell sharply by Rs 309, or 1.13%, to Rs 27,011 per 10 grams in a business turnover of 1,725 lots.
Likewise, the metal for delivery in April 2015 contracts eased by Rs 281, or 1.02%, to Rs 27,160 per 10 grams in 14 lots.
Market analysts said a weak trend in overseas markets where the precious metal retreated by 2.32% -- the most since December 19 -- to 1,193.50 after positive US manufacturing data supported the case for higher borrowing costs next year weighed on gold prices in futures trade here.
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