Gold futures weaken on subdued spot demand, global trend

New Delhi: Gold futures prices fell by 0.27 per cent to Rs 28,550 per 10 grams as participants trimmed positions amid subdued demand at domestic spot markets amid weak cues from the global markets.

Besides, subdued demand at domestic spot markets too weighed on the prices. At the Multi Commodity Exchange, gold for delivery in June, fell by Rs 78, or 0.27 per cent, to trade at Rs 28,550 per 10 grams in a turnover of 498 lots. Similarly, the metal for delivery in August shed Rs 66, or 0.24 per cent, to Rs 27,900 per 10 gm in 13 lots. Globally, gold shed as much as 0.25 per cent to USD 1,292.40 an ounce in Singapore.

Analysts said off-loading of positions by speculators on sluggish spot demand and a weak trend overseas, mainly put pressure on gold prices at futures trade here.