Gold down 0.2% on weak global cues

Metal for delivery in August shed 0.03%

Gold prices fell 0.23% to Rs 27,420 per 10 gram in futures trade today as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets.

At the Multi Commodity Exchange, gold for delivery in June contracts eased by Rs 63, or 0.23%, to Rs 27,420 per 10 gram in business turnover of 446 lots.

Likewise, the metal for delivery in August shed Rs 17, or 0.03%, to Rs 26,855 per 10 gram in 55 lots.

Market analysts said there is a weakening trend in the overseas markets as the euro weakened against dollar, reducing the appeal of the metal and pressuring the gold prices in futures trade.
 
Globally, gold fell to $1,291.840 an ounce in Singapore from $1,292.91 yesterday.