Gold futures slide Rs 160 on weak global cues

New Delhi: Gold prices fell Rs 160 to Rs 28,880 per 10 gram in futures trade today as participants cut down their bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in far-month February fell by Rs 160, or 0.55 per cent, to Rs 28,880 per 10 gram, in a business turnover of 94 lots. Also, the metal for December delivery declined by Rs 155, or 0.53 per cent, to Rs 28,976 per 10 gram, in 523 lots.

Analysts attributed the fall in prices to weak trends overseas as dollar strengthened after hints of rate hike in December by US Federal Reserve Chair Janet Yellen, eroding demand for the safe-haven precious metals. Meanwhile, gold was trading 0.67 per cent down at USD 1,208.20 an ounce in Singapore today.