Gold futures drop Rs 44 on weak global cues

Thursday, Mar 2, 2017,11:36 IST By joji A A A

New Delhi | Amid a weakening global trend and profit-booking by speculators, gold futures traded lower by Rs 44 at Rs 29,428 per 10 gram today.

Gold for delivery in far-month June was trading lower by Rs 44, or 0.15 per cent, to Rs 29,428 per 10 gram, in a business turnover of 2 lots at the Multi Commodity Exchange.

On similar lines, the metal for delivery in April eased by Rs 28, or 0.10 per cent, to Rs 29,400 per 10 gram in 172 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas where the precious metal fell as the strength of the dollar on growing expectations of a Federal Reserve rate hike this month, dimmed the metal’s appeal as an alternative investment.

Globally, gold prices fell 0.20 per cent to USD 1,246.50 an ounce in Singapore today.