Gold futures slide on weak global cues

Thursday, Oct 6, 2016,12:11 IST By metrovaartha A A A

New Delhi | Gold futures fell by 0.22 per cent to Rs 29,850 per 10 grams on Thursday as participants cut their bets amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in December shed Rs 66 or 0.22 per cent to Rs 29,850 per 10 grams in a business turnover of 117 lots.

Also, the metal for delivery in far-month February declined by Rs 65 or 0.22 per cent to Rs 29,976 per 10 grams in two lots.

Market analysts attributed the fall in prices to weak trend overseas amid a strengthening belief that an improving US economy will push the Fed to boost interest rates soon, reducing the appeal of gold as a haven.

Meanwhile, gold traded lower 0.14 per cent at USD 1,264.70 an ounce in Singapore.