Gold futures fall on weak Asian cues

Gold futures prices today fell by Rs 24 to Rs 28,256 per 10 grams.

Written by Agencies | New Delhi | Published: March 28, 2012 11:16:47 am

Gold futures prices today fell by Rs 24 to Rs 28,256 per 10 grams,as speculators offloaded their positions,tracking a weak trend in the Asian region.

Also,absence of any positive trigger from domestic markets,which have been closed since March 17 against the duty hike in the Union budget,put pressure on the gold futures prices here.

At the Multi Commodity Exchange,gold for delivery in April fell by Rs 24,or 0.08 per cent,to Rs 28,256 per 10 grams,with a business turnover of 599 lots.

Similarly,the metal for delivery in June declined by Rs 21,or 0.07 per cent,to Rs 28,695 per 10 grams,with an open interest of 130 lots.

Market analysts said offloading of positions by speculators largely in tandem with a weak trend in Asian markets led to a fall in gold prices at futures trade.

Meanwhile,gold fell by USD 3 to USD 1,677.60 an ounce in Singapore.

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