Gold eases to Rs. 29,197 on weak global cues

New Delhi (Jan 9)  Gold prices eased further by 0.08 per cent to Rs. 29,197 per 10 grams at the futures trade as participants trimmed their positions owing to a weak trend overseas.

At the Multi Commodity Exchange, prices for delivery in April edged lower by Rs. 22 or 0.08 per cent to Rs. 29,197 per 10 grams in a business turnover of 64 lots. Likewise, the yellow metal for delivery in February shed Rs. 7 or 0.02 per cent to Rs. 29,254 per 10 grams in 544 lots.

Analysts said offloading of positions by traders in tandem with a weak trend overseas, as the dollar held steady amid expectations of more US interest rate hikes this year, weighed on gold prices. Meanwhile, gold inched lower by 0.07 per cent to $1,318.80 an ounce in Singapore.

BusinessLine