Gold futures weaken on global cues

Gold futures prices today fell by 0.32 per cent to Rs 26,550 per 10 grams.

Written by PTI | New Delhi | Published: May 28, 2013 11:53 am

Gold futures prices today fell by 0.32 per cent to Rs 26,550 per 10 grams as participants indulged in reducing exposures,largely in tandem with a global trend as firming dollar reduced appeal for safe haven investment.

At the Multi Commodity Exchange,gold for delivery in August,fell by Rs 85,or 0.32 per cent,to trade at Rs 26,550 per 10 grams in a turnover of 109 lots. Similarly,the metal for delivery in June shed Rs 83,or 0.31 per cent,to Rs 26,363 per 10 gm in 760 lots. Globally,gold lost as much as 0.50 per cent to USD 1,387.18 an ounce in Singapore. Analysts said a weakening trend overseas as the dollar strengthened before data that is forecast to show the US economy is improving,boosting the case for reduced stimulus,reducing demand for the metal as an alternative investment,weighed on gold prices at futures trade.

For all the latest News Archive News, download Indian Express App

    Live Cricket Scores & Results