Gold falls Rs 108 as weak global cues hurt
Diminishing demand overseas for precious metals as a safe haven, weighed on gold futures here.
New Delhi: Gold prices were trading down by Rs 108 to Rs 28,338 per 10 grams in futures trade today as participants cut down their holdings amid a weak trend
overseas.
At Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 108, or 0.38 per cent, at Rs 28,338 per 10 grams, in a business turnover of 516 lots.
Also, the metal for June delivery shed Rs 96, or 0.34 per cent, to Rs 28,410 per 10 grams in 47 lots.
Analysts said, a weakening trend in the overseas markets on growing hopes of a rate hike by the US Federal Reserve next week, diminishing demand for the precious metals as a safe haven, weighed on gold futures here.
Besides, profit-booking at the prevailing levels too attributed the fall in the precious metal prices, they said. Globally, gold fell 0.34 per cent, to USD 1,196.70 an ounce in Singapore.