Gold futures drop Rs 72 on weak global cues

Tuesday, Mar 29, 2016,12:01 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend, gold futures traded lower by Rs 72 at Rs 28,386 per 10 grams Tuesday as speculators trimmed their positions.

Gold for delivery in April fell Rs 72, or 0.25 per cent, to Rs 28,386 per 10 grams, in a business turnover of 237 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in far-month June was trading down Rs 66, or 0.23 per cent, to Rs 28,650 per 10 grams in 34 lots.

Analysts said the fall in gold futures was mostly in tune with a weak trend overseas where it dropped towards the lowest level in a month as investors weighed the outlook for US interest rates before a speech by Federal Reserve Chair Janet Yellen.

Meanwhile, gold prices fell 0.4 per cent to USD 1,217.49 an ounce in Singapore today.