Gold sheds 0.74% on global cues, rebound in rupee

Gold prices fell by Rs 203, or 0.74%, to Rs 27,328 per 10 grams in futures trade today amid a weakening trend overseas and a rebound in the rupee.

Gold prices fell by Rs 203, or 0.74%, to Rs 27,328 per 10 grams in futures trade on Friday amid a weakening trend overseas and a rebound in the rupee.

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At the Multi Commodity Exchange, gold for delivery in February fell by Rs 203, or 0.74%, to Rs 27,328 per 10 grams in 8,066 lots.

In a similar fashion, the metal for April contract delivery lost Rs 202, or 0.73%, to Rs 27,630 per 10 grams in 414 lots.

Market analysts said besides a subdued trend in global markets, a rebound in the rupee value after the Reserve Bank of India imposed restrictions on forward trading to check the slide of the domestic currency pushed up gold prices in futures trade.

The rupee had strengthened by 74 paise to Rs 52.90 per dollar in opening trade in the forex market on Friday.

Meanwhile, gold declined by $5.90 to $1,570.60 an ounce in New York Thursday night.