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Gold futures down Rs 99 amid weak global cues

Gold_6

New Delhi: Amid a weakening global trend, gold futures traded lower by Rs 99 at Rs 25,144 per 10 gm on Monday as speculators trimmed their positions.

Gold for delivery in December dropped Rs 99 or 0.39% to Rs 25,144 per 10 gm in a business turnover of 224 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month February was trading down Rs 94, or 0.37% to Rs 25,306 per 10 gm in 26 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas amid growing confidence the US will raise interest rates next month helped the dollar cement gains, eroding demand for the precious metals.

Meanwhile, gold prices fell 1% to $1,067.58 an ounce in Singapore on Monday.