Gold futures slide 0.41% on weak global cues

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Gold futures slide 0.41% on weak global cues
New Delhi: Tracking a weak global trend, gold prices slide by 0.41 percent to Rs 26,760 per 10 grams in futures trading Tuesday as speculators offloaded their positions.

At the Multi Commodity Exchange, gold for delivery in October declined by Rs 108, or 0.41 percent, to Rs 26,760 per 10 grams in business turnover of 327 lots.

Similarly, the yellow metal for delivery in August traded lower by Rs 98, or 0.37 percent, to Rs 26,627 per 10 grams in 9,731 lots.

Market analysts attributed the fall in gold futures to offloading of positions by speculators on the back of weak global trend where the traded near its lowest level since September, 2010.

They said the metal declined in global markets as investors weighed the prospect of reduced monetary stimulus by the US Federal Reserve and slower growth in China.

Meanwhile, gold in Singapore fell 0.4 percent to USD 1,276.73 an ounce.


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