Gold futures down 0.58 pc on global cues | business | Hindustan Times
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Gold futures down 0.58 pc on global cues

business Updated: Jan 09, 2012 12:22 IST

PTI
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Gold prices declined by 0.58% to Rs 27,600 per 10 grams in futures trade on Monday in tandem with a weakening trend overseas as the US dollar strengthened, reducing demand for precious metals.

At the Multi Commodity exchange, gold for delivery in February eased by Rs 162, or 0.58%, to Rs 27,600 per 10 grams, with a business turnover of 3,747 lots.

In a similar fashion, the metal for delivery in April lost Rs 164, or 0.58%, to Rs 27,943 per 10 grams, with a trading volume of 254 lots.

In Asian trade, gold lost as much as 0.8% to $1,605.30 an ounce in Singapore in early trade on Monday.

Analysts said reports of a weakening trend in precious metals amid concerns that Europe's debt crisis may escalate pulled down the euro against the dollar, dampening demand for gold futures as a safe haven investment.