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HindustanTimes Thu,24 Apr 2014

Gold futures fall on weak global cues

PTI  New Delhi, April 04, 2012
First Published: 11:42 IST(4/4/2012) | Last Updated: 11:46 IST(4/4/2012)

Gold futures prices on Wednesday fell by 0.57% to Rs. 28,282 per 10 gm as speculators offloaded positions amid a weak trend in global markets.

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Besides, absence of positive triggers from major domestic bullion markets, closed since March 17 because of traders' protest against duty hikes in the Budget 2012-13, put pressure on gold futures prices.

At the Multi Commodity Exchange, gold for delivery in June fell Rs. 163, or 0.57%, to Rs. 28,282 per 10 gm, with a business turnover of 1,869 lots.

Similarly, delivery rates for April declined by Rs. 131, or 0.47%, to Rs. 27,786 per 10 gm, for 43 lots.

Market analysts said overseas markets were weak on fading hopes that of monetary easing by the US Fed.

Meanwhile, gold slumped 2% to $1,643.93 an ounce in New York on Tuesday.

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