Gold futures down 0.38% on weak global cues

Amid a weak overseas trend, gold prices fell 0.38% to Rs 28,396 per 10 gm in futures trade on Tuesday as participants indulged in reducing positions.

Amid a weak overseas trend, gold prices fell 0.38% to Rs 28,396 per 10 gm in futures trade on Tuesday as participants indulged in reducing positions.

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At the Multi Commodity Exchange, gold for delivery in far-month February, 2014 eased by Rs 108, or 0.38 %, to Rs 28,396 per 10 gm in business turnover of 17 lots.

Likewise, the metal for delivery in December shed Rs 67,or 0.23%, to Rs 28,720 per 10 gm in 569 lots.

Analysts said a weak trend in the overseas markets amid speculation that US lawmakers will forge a deal to avoid breaching the nation's debt ceiling and end a two-week partial government shutdown, mainly weighed on gold futures in India.

Globally, gold fell by 0.21% to $1,270.60 an ounce in Singapore on Tuesday.