Gold futures drop to Rs. 28,449 on weak global cues

Mumbai-India (Feb 16)  Gold futures today fell Rs. 241 to Rs. 28,449 per 10 grams as participants indulged in cutting their bets amid a weak global trend.

Besides, continued profit-booking by speculators at prevailing levels also weighed on gold prices.

At the Multi Commodity Exchange, gold prices for delivery in April plunged Rs. 241 or 0.84 per cent to Rs. 28,449 per 10 grams in a business turnover of 267 lots.

Also, the metal for delivery in far-month June declined Rs. 207 or 0.72 per cent to Rs. 28,720 per 10 grams in just one lot.

Analysts attributed the decline in gold prices at the futures trade to a weak trend overseas where it fell for a third day after touching a one-year high last week as the recovery in equities looked set to continue in Asia, eroding demand for the safe-haven.

Besides, profit-booking by speculators at prevailing levels kept pressure on the precious metal, they said.

Meanwhile, gold traded 0.4 per cent down at $1,204.99 an ounce in Singapore.

Source: BusinessLine