Gold futures slide on weak global cues

May 24 2016 5:25PM

NEW DELHI: Gold futures on Tuesday fell 0.30 per cent to Rs 29,860 per 10 grams as participants cut their bets amid a weak global trend.

Besides, profit-booking by speculators also weighed on gold prices.

At Multi Commodity Exchange, gold prices for delivery in far-month August fell Rs 89, or 0.30 per cent, to Rs 29,860 per 10 grams in business turnover of 83 lots.

Also, the metal for delivery in June declined Rs 74, or 0.25 per cent, to Rs 29,610 per 10 grams in 588 lots.

Analysts attributed fall in prices to weak trend overseas where gold held four days of losses as investors weighed the prospects for a US interest rate rise, strengthening the outlook for the dollar and denting the metal's allure.

Meanwhile, gold traded at US$ 1247.66 an ounce, form US$ 1,249.13 on Monday in Singapore.


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