Gold falls Rs 173 as weak global cues hurt

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Metal for delivery in June shed Rs 140 to Rs 28,832 per 10 grams in 116 lots.

New Delhi: Gold prices were down by Rs 173 to Rs 28,675 per 10 grams in futures trade today as participants cut down their holdings amid a weak trend overseas.

At Multi Commodity Exchange, gold for delivery in April contract was trading lower by Rs 173, or 0.60 per cent, at Rs 28,675 per 10 grams, in a business turnover of 712 lots.

Also, the metal for delivery in far-month June shed Rs 140, or 0.48 per cent, to Rs 28,832 per 10 grams in 116 lots.

Analysts said there is a weakening trend in the overseas markets as gains in US equities and the dollar dimmed some of
the metal’s safe haven investment appeal, which weighed on gold prices in futures trade here.

Besides, profit-booking at the prevailing levels too caused the fall, they said.
Globally, gold fell 0.19 per cent to USD 1,248.90 an ounce in Singapore today.

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