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Gold futures weaken on global cues

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Gold futures prices on Tuesday fell by 0.32 percent to Rs 26,550 per 10 grams as participants indulged in reducing exposures, largely in tandem with a global trend as firming dollar reduced appeal for safe haven investment.

 

At the Multi Commodity Exchange, gold for delivery in August, fell by Rs 85, or 0.32 percent, to trade at Rs 26,550 per 10 grams in a turnover of 109 lots.

Similarly, the metal for delivery in June shed Rs 83, or 0.31 percent, to Rs 26,363 per 10 gm in 760 lots.

Globally, gold lost as much as 0.50 percent to USD 1,387.18 an ounce in Singapore.

Analysts said a weakening trend overseas as the dollar strengthened before data that is forecast to show the US economy is improving, boosting the case for reduced stimulus, reducing demand for the metal as an alternative investment, weighed on gold prices at futures trade.

PTI

Read more about: gold futures
Story first published: Tuesday, May 28, 2013, 13:11 [IST]
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