Gold futures remain weak, shed 0.17% on global cues

Tracking a weak trend overseas, gold fell for the second day and prices eased further by 0.17 per cent to Rs 28,714 per 10 grams in futures market today as speculators engaged in trimming their positions.
At the Multi Commodity Exchange, gold for delivery in far-month August declined by Rs 49, or 0.17 per cent, to Rs 28,714 per 10 grams, in a business turnover of 68 lots.
In a similar fashion, the metal for delivery in June traded lower by Rs 44, or 0.15 per cent, to Rs 28,609 per 10 grams in 3,658 lots.
Analysts said offloading of positions by participants in line with a weak trend overseas mainly kept pressure on gold prices at futures trade.

Besides, a subdued trend at the domestic spot markets too weighed on prices, they added.
At the spot market in the national capital, gold traded Rs 100 down at Rs 29,350 per 10 grams.
Globally, gold fell 0.10 per cent to USD 1,254.90 an ounce in London.