Gold price dips below Rs 29k level in futures trade

At the Multi Commodity Exchange,gold for delivery in June traded Rs 239,or 0.80 per cent to Rs 28,945 per ten gram in a turnover of 17,328 lots.

Likewise,the metal for delivery in far-month August also traded Rs 142,or 0.48 per cent to,Rs 29,500 per 10 gm in 591 lots.

Market analysts said a weak trend in the overseas markets as investors cut holdings of the metal on fears the US Federal Reserve might scale back stimulus,mainly put pressure on the gold futures here.

Globally,gold fell by USD 12.20,or 0.78 per cent to USD 1,549.80 an ounce in London.