Gold down 0.2% on global cues

Metal for delivery in April shed 0.05%

Gold futures prices today shed 0.26% to Rs 28,073 per ten grams as participants indulged in offloading their positions after the metal dropped to a seven-week low in global markets.

Gold prices fell by Rs 73, or 0.26%, to trade at Rs 28,073 per 10 gram for delivery in far-month June contracts at the Multi Commodity Exchange. It clocked a turnover of 405 lots.

Similarly, the metal for delivery in April shed Rs 15, or 0.05%, to Rs 28,521 per 10 gram in 135 lots.

Market analysts said sustained weakness in the overseas markets where gold fell to its lowest price in seven-week after holdings in the largest exchange-traded product shrank the most in five weeks, put pressure on the precious metal prices here.
 

Globally, gold lost 0.50% to USD 1,278.20 an ounce, the lowest since February in Singapore.