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Gold futures down on weak global cues

Gold prices moved down by 0.62% to Rs 29,906 per 10 gm in futures trade on Tuesday after participants off-loaded partial positions, taking weak cues from the global market.

business Updated: Mar 18, 2014 12:37 IST
Gold-ornaments
Gold-ornaments

Gold prices moved down by 0.62% to Rs 29,906 per 10 gm in futures trade on Tuesday after participants off-loaded partial positions, taking weak cues from the global market.

At the Multi Commodity Exchange, gold for delivery in far-month June declined by Rs 187, or 0.62%, to Rs 29,906 per 10 gm in business turnover of 75 lots.

Likewise, the metal for delivery in April shed Rs 150, or 0.53%, to Rs 30,215 per 10 gm in 830 lots.

Market analysts said a weak trend in the overseas markets where gold retreated from six-month high as better-than-estimated US factory production data curbed demand for safe-haven ahead of the Federal Reserve meeting on Tuesday, mainly put pressure on precious metal at futures trade here.

Globally, gold traded 0.7% lower at USD 1,357.13 an ounce in Singapore on Tuesday.