Gold futures plunge Rs 343 on weak global cues

Gold prices fell sharply by Rs 343 to Rs 28,403 per ten grams in futures trade as speculators indulged in reducing their exposure, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in December was trading sharply lower by Rs 343 or 1.19 per cent to Rs 28,403 per ten grams in a business turnover of 809 lots.
Similarly, metal for delivery in far-month February dropped by Rs 312 or 1.09 per cent, to Rs 28,418 per ten grams in 204 lots.
Analysts attributed the fall in gold futures to cutting down of bets by participants, triggered by a weak trend overseas where gold prices sank to nine-month lows after the dollar climbed to multi-year highs on speculation of a possible Fed rate hike in the near-term, eroding demand for the precious metals as a safe haven.

Globally, gold was trading 0.59 per cent down at USD 1,176.90 an ounce in Singapore, the lowest level since February.