Gold futures down 0.40% on weak global cues

  • PTI, New Delhi
  • |
  • Updated: Oct 11, 2013 15:21 IST

Continuing its slide, gold futures prices on Friday fell further by 0.40% to Rs 28,540 per 10 gram as speculators indulged in reducing exposures, tracking a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in far-month February were trading Rs 114, or 0.40%, lower at Rs 28,540 per 10 grams in business turnover of 22 lots.

On similar lines, metal prices for delivery in December contracts eased by Rs 110, or 0.38%, to Rs 28,747 per ten grams in 658 lots.

Market analysts said the fall in gold futures was mostly attributed to a weak overseas trend as US lawmakers continued negotiations about increasing the debt limit and ending the partial government shutdown.

Besides, appreciating rupee, which make imports cheaper, also weighed on the gold prices, they said.

Meanwhile, gold traded lower at $1,292.15 an ounce in Singapore. Prices have slided 2.7% in the past three days.

 

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