Gold futures down on weak global cues

Gold futures down on weak global cues
New Delhi: Gold prices moved down by 0.36% to Rs.29,130 per 10 gram in futures trade on Monday after participants offloaded partial positions, taking weak cues from the global market. At the Multi Commodity Exchange, gold for delivery in February 2014 eased by Rs.104, or 0.36%, to Rs.29,130 per 10 gm in business turnover of 224 lots.

Likewise, the metal for delivery in December shed Rs.46, or 0.15%, to Rs.30,190 per 10 gm in 7 lots.
Market analysts said a weak trend in the overseas markets on speculation that the Federal Reserve will begin reducing monetary stimulus as the US economy strengthens, mainly weighed on the gold prices at futures trade in New Delhi.

Globally, gold fell 0.6% to $1,245.87 an ounce in Singapore on Monday.


Read more about: gold futures, mcx, federal reserve, qe3
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