Gold futures slip by Rs 268 on weak global cues

New Delhi: Gold futures plunged by Rs 268 to Rs 29,150 per 10 gram today as speculators trimmed their positions amid a weak global trend.

Gold for delivery in June dropped Rs 268, or 0.91 per cent, to Rs 29,150 per 10 gram in a business turnover of 539 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in August was trading down Rs 238, or 0.81 per cent, at Rs 29,265 per 10 gram in 14 lots.

The fall in gold futures was mostly in step with a weak trend overseas where it has sank the most in more than seven weeks after centrist Macron led the first round of voting in the French presidential election, boosting stocks and triggering a sell-off of safe-haven bullion, analysts said.

Meanwhile, gold prices tumbled 1.5 per cent, the biggest decline since March 2, to trade at USD 1,265.51 an ounce in Singapore.