Gold futures down on weak global cues
Gold prices fell by Rs 38 to Rs 26,472 per 10 gm in futures trade
New Delhi: Gold prices fell by Rs 38 to Rs 26,472 per 10 gm in futures trade on March 3 as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets.
At the Multi Commodity Exchange, gold for delivery in April contracts eased by Rs 38, or 0.13 per cent, to Rs 26,472 per 10 gm in business turnover of 986 lots. Likewise, the metal for delivery in June shed Rs 28, or 0.11 per cent, to Rs 26,685 per 10 gm in 71 lots.
Market analysts said there is a weakening trend in the overseas markets due to strengthening of dollar thus reducing the appeal of the metal and pressuring the gold prices in futures trade. Globally, gold fell 0.9 per cent to USD 1,195.50 an ounce in Singapore, the lowest since February 24.