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Gold falls Rs.49 in futures trade as global cues hurt

GOLD

New Delhi :Gold prices fell Rs.49 to Rs. 26,698 per 10 grams in futures trade today as participants trimmed their positions, largely in tune with a weak trend overseas.

In futures trading, gold for delivery in far-month February next year was trading Rs 49, or 0.18 per cent down, at Rs 26,698 per 10 grams at Multi Commodity Exchange with a business turnover of 12 lots.

Also, the metal for delivery in December shed Rs 44, or 0.17 per cent, to Rs 26,511 per 10 grams in 358 lots.

Analysts said a weakening trend in the overseas markets where gold retreated from over one-week high as Chinese markets reopened after a long break and investors awaited minutes from the Federal Reserve’s last meeting for clues on the timing of an interest rate increase, weighed on the futures trade here.

Globally, gold fell 0.3 per cent to USD 1,141.76 an ounce in Singapore.

PTI