Gold futures lower on weak global cues

Business

oi-Sneha

By Sneha B K

Published: Friday, April 5, 2013, 14:19 [IST]

Gold prices fell 0.2 per cent to Rs 29,342 per 10 grams at the futures trade today as participants reduced their positions largely in tandem with a weak trend overseas.

Besides, subdued spot demand where the precious metal dipped to a 10-month low, also weighed on the futures trade.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 60 or 0.2 per cent to Rs 29,345 per 10 gm in a business turnover of 601 lots.

Likewise, the metal for delivery in far-month August shed Rs 42 or 0.14 per cent to Rs 29,800 per 10 gm in 42 lots.

In the spot market, gold prices dropped to a 10-month low of Rs 29,500 per ten grams in the national capital due to absence of demand on account of off-marriage season.

Market analysts said besides subdued domestic demand, a weak trend in the overseas markets mainly weighed on gold prices at the futures trade here.

Weak trend prevailed in overseas markets as investors reduced their asset holdings amid optimism a global economic recovery will curb the demand for safe haven.

Globally, the yellow metal fell 0.3 per cent to $1,549.62 an ounce in Singapore today.

PTI