Gold futures fall by 0.28% on global cues

Gold futures fell by 0.28% to Rs 28,079 per 10 grams on Wednesday as participants engaged in reducing exposures, largely in tandem with a global trend.

Gold futures fell by 0.28% to Rs 28,079 per 10 grams on Wednesday as participants engaged in reducing exposures, largely in tandem with a global trend.

At the Multi Commodity Exchange, gold for delivery in August, fell by Rs 80, or 0.28%, to trade at Rs 28,079 per 10 grams in a turnover of 134 lots.

Similarly, the metal for delivery in June shed Rs 47, or 0.16%, to Rs 28,703 per 10 gm in 1,323 lots.

Globally, gold lost as much as 0.25% to $1,292.70 an ounce in Singapore on Wednesday.

Analysts said a weakening trend overseas on speculation that the Federal Reserve will further reduce US monetary stimulus at a two-day policy meeting that concludes today, put pressure on gold futures in New Delhi.