Gold futures down 0.54% on global cues

Gold prices moved down by 0.54% to Rs 28,513 per ten gram in futures trade on Thursday as speculators trimmed their positions, taking a weak cues from overseas markets.

Gold prices moved down by 0.54% to Rs 28,513 per ten gram in futures trade on Thursday as speculators trimmed their positions, taking a weak cues from overseas markets.

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At the Multi Commodity Exchange, gold for delivery in far-month February moved down by Rs 155, or 0.54% , to Rs 28,513 per ten gram in business turnover of 34 lots.

Similarly, the yellow metal for delivery in December fell by Rs 131, or 0.45 , to Rs 28,817 per ten gram in 2,064 lots.

Analysts said speculators trimmed their positions on weak global trend after US lawmakers reached an agreement to increase the debt ceiling and avert a government default, reducing demand for precious metals as a haven assets.

Meanwhile, gold lost 0.5% to $ 1,275.95 an ounce in Singapore.