Gold futures fall Rs 25 as weak global cues hurt

New Delhi: Gold prices were down by Rs 25 to Rs 28,812 per 10 grams in futures trade today as participants cut down their holdings, largely in line with a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in far-month June was trading lower by Rs 25, or 0.09 per cent, at Rs 28,812 per 10 grams, in a business turnover of 75 lots.

Also, the metal for delivery in April shed Rs 21, or 0.07 per cent, to Rs 28,682 per 10 grams in 375 lots.

Analysts said there is a weakening trend in the overseas markets where gold dropped as the US dollar strengthened against a basket of major currencies, as solid data backed the expectation for more US interest rate increases in 2017, eroding appeal of the precious metal as a safe-haven, weighed on gold futures here.

Globally, gold fell 0.28 per cent to USD 1,249.90 an ounce in Singapore.