Gold futures slide on weak global cues

Thursday, Mar 10, 2016,11:24 IST By metrovaartha A A A

New Delhi | Gold futures fell by 0.60 per cent to Rs 29,708 per 10 grams Thursday as participants cut down their bets amid a weak global trend.

At Multi Commodity Exchange, gold for delivery in far-month June shed Rs 178, or 0.60 per cent, to Rs 29,708 per 10 grams in a business turnover of 37 lots. Also, the metal for delivery in April declined by Rs 175, or 0.59 per cent, to Rs 29,423 per 10 grams in 437 lots. Market analysts attributed the fall in prices to weak trend overseas where gold extended its drop as equities climbed, eroding demand for a haven, and investors await a monetary policy review from the European Central Bank.

Meanwhile, gold traded 0.3 per cent lower at USD 1,249.09 an ounce in Singapore after prices lost 1.1 per cent over the previous two days.