Gold futures slide on weak global cues

New Delhi: Gold prices fell 0.25 per cent to Rs 28,690 per 10 grams in futures trade today as participants cut down their bets amid a weak global trend.

At the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 72 or 0.25 per cent to Rs 28,690 per 10 grams in a business turnover of 73 lots.

Also, the metal for delivery in far-month February declined by Rs 50, or 0.17 per cent to Rs 28,556 per 10 grams in 23 lots.

Analysts attributed the fall in prices trimming of positions by participants, tracking a weak trend in global market on expectations of an interest rate hike by the US Federal Reserve.

Meanwhile, gold fell 0.49 per cent at USD 1,187.90 an ounce in New York yesterday.