Gold futures decline 0.50 pc on weak global cues

New Delhi: Gold prices moved down by 0.50 per cent to Rs 28,243 per 10 ten grams in futures trading as participants trimmed positions amid weak global cues.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 142, or 0.50 per cent, to Rs 28,243 per ten grams in a business turnover of 197 lots.

Likewise, the yellow metal for delivery in far-month February traded lower by Rs 83, or 0.29 per cent to Rs 28,114 per ten grams in 555 lots.

Analysts attributed the fall in gold futures to offloading of positions by traders in-line with a weak trend overseas as the dollar's surge to the highest in at least a decade and signs that the US Fed is moving closer to increasing rates, eroded the metal's appeal as a safe-haven asset.

Globally, gold fell 1.25 per cent to USD 1,173 an ounce in New York yesterday.