Gold Futures Marginally Lower On Weak Global Cues

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, September 28, 2015, 12:12 [IST]

Gold futures fell marginally in trade and were down by 0.10 per cent to Rs 26,706 per 10 grams today as participants cut bets amid a weak global trend. Besides, profit-booking by speculators weighed on gold prices.

At Multi Commodity Exchange, gold for delivery in October shed Rs 28, or 0.10 per cent, to Rs 26,706 per 10 grams in a business turnover of 52 lots. Also, the metal for delivery in far-month December declined by Rs 26, or 0.10 per cent, to Rs 26,938 per 10 grams in 14 lots.

Market analysts attributed the fall in prices to weak trend overseas after the US Federal Reserve chief said the central bank is on track to raise interest rates this year, raising demand for the precious metals. Meanwhile, gold traded lower at USD 1,145.96 an ounce in Singapore as against USD 1,146.20 on Friday.

Gold rates in India are expected to see a subdued trend on expectations that the US Federal Reserve would hike interest rates sometime this year. A hike in interest rates in the US would people away from gold into government securities in the US.

With inputs from PTI