Gold futures drop Rs 225 amid weak global cues

Monday, Mar 28, 2016,11:08 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend, gold futures traded lower by Rs 225 at Rs 28,374 per 10 grams Monday as speculators cut down their bets. Besides, profit-booking by speculators at existing levels weighed on the precious metal prices.

Gold for delivery in April dropped Rs 225, or 0.79 per cent, to Rs 28,374 per 10 grams, in a business turnover of 363 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in far-month June was trading down Rs 223, or 0.77 per cent, to Rs 28,639 per 10 grams in 78 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where it sank to one month lows as the dollar’s rally hurts the allure of the metal that has been the best-performing commodity of 2016.

Meanwhile, gold prices fell 0.23 per cent to USD 1,213.40 an ounce in Singapore today.