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Gold futures lower tracking weak global cues

Gold lower tracking weak global cues
Gold futures were seen trading lower on Wednesday tracking weak global cues as the sentiment was affected after robust US economic outlook.

Service sector activity in the U.S. grew faster-than-expected in February indicating an improving in the US economy.

International gold hovered around $1,578 an ounce weighed by strong equity market as investors turned their focus to other riskier assets.

Domestically, gold futures was trading lower at Rs 29,550 per 10 grams, lower by Rs 19 at the Muti Commodity Exchange.

Gold is expected to trade in narrow range as there is selling of ETF and physical buying at the same time. SPDR Gold Trust, the world's biggest gold ETF, said its holdings dropped on Tuesday, straight decline to a 16-month low.

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