Gold futures slide on global cues on likely rate hike in June

Gold futures today fell 0.93 per cent to Rs 29,776 per 10 grams as speculators reduced their bets amid a weak global trend.

In futures trading at Multi Commodity Exchange, gold for delivery in June fell Rs 279, or 0.93 per cent, to Rs 29,776 per 10 gram, in a business turnover of 13,815 lots.

Similarly, metal prices for delivery in far-month August declined Rs 276, or 0.91 per cent, to Rs 30,045 per 10 gram in 670 lots.

Market analysts said the fall in gold futures is mostly attributed to trimming of positions by speculators, tracking a weak trend overseas on concern that the Federal Reserve may raise interest rates as soon as June after the possibility was flagged in the minutes of its meeting last month.
 

Meanwhile, gold traded 0.21 per cent down at USD 1,255.30 an ounce, its lowest levels in three weeks in Singapore today.