Gold down 0.4% on weak global cues
Market analysts said a weak trend in the overseas markets put pressure on gold prices
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Gold prices moved down further by 0.47% to Rs 29,890 per 10 grams in futures trade today and indulged in offloading of positions, taking weak cues from the global market.
At the Multi Commodity Exchange, gold for delivery in April declined by Rs 141, or 0.47%, to Rs 29,890 per 10 grams in business turnover of 524 lots.
Likewise, the metal for delivery in far-month June shed Rs 135, or 0.46%, to Rs 29,410 per 10 grams in 20 lots.
Market analysts said a weak trend in the overseas markets on expectations that the Federal Reserve will continue to taper stimulus in the US, mainly put pressure on gold prices at futures trade here.
Globally, gold traded a shade lower at $1,310.74 an ounce in Singapore today.
At the Multi Commodity Exchange, gold for delivery in April declined by Rs 141, or 0.47%, to Rs 29,890 per 10 grams in business turnover of 524 lots.
Likewise, the metal for delivery in far-month June shed Rs 135, or 0.46%, to Rs 29,410 per 10 grams in 20 lots.
Market analysts said a weak trend in the overseas markets on expectations that the Federal Reserve will continue to taper stimulus in the US, mainly put pressure on gold prices at futures trade here.
Globally, gold traded a shade lower at $1,310.74 an ounce in Singapore today.
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First Published: Feb 20 2014 | 12:54 PM IST