Gold futures weaken on global cues

Gold futures fell by 0.64% to Rs 26,729 per 10 grams today as participants indulged in reducing exposures, largely in tandem with a global trend.

 

At the Multi Commodity Exchange, gold for delivery in October fell by Rs 172, or 0.64%, to trade at Rs 26,729 per 10 grams in a turnover of 343 lots.

 

Also, the metal for delivery in far-month December fell by Rs 167, or 0.62%, to Rs 26,960 per 10 grams in 8 lots.

 

Globally, gold lost as much as 0.60% to $1,216.30 an ounce in Singapore, the lowest sicne January 2.

 

 

Analysts said a weakening trend overseas after the US Federal Reserve increased its interest-rate projections, spurring gains in the dollar that reduced demand for the precious metals, put pressure on gold prices at futures trade here.