Gold futures fall on weak global cues

New Delhi : Gold futures prices on Wednesday fell by 0.57% to Rs 28,282 per 10 gm as speculators offloaded positions amid a weak trend in global markets.

Besides, absence of positive triggers from major domestic bullion markets, closed since March 17 because of traders’ protest against duty
hikes in the Budget 2012-13, put pressure on gold futures prices.

At the Multi Commodity Exchange, gold for delivery in June fell Rs 163, or 0.57%, to Rs 28,282 per 10 gm, with a business turnover of 1,869 lots.

Similarly, delivery rates for April declined by Rs 131, or 0.47%, to Rs 27,786 per 10 gm, for 43 lots.

Market analysts said overseas markets were weak on fading hopes that of monetary easing by the US Fed.

Meanwhile, gold slumped 2% to $1,643.93 an ounce in New York on Tuesday.