Gold futures slide on weak global cues

Gold is trading at Rs 25,278 per 10 grams.

New Delhi:

Gold prices fell 0.75 per cent to Rs 25,278 per 10 grams in futures trade on December 17, as participants cut their bets amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in February next year fell by Rs 190, or 0.75 per cent, to Rs 25,278 per 10 grams, in a business turnover of 468 lots.

Also, the metal for delivery in far-month April declined by Rs 171, or 0.67 per cent, to Rs 25,437 per 10 grams in 27 lots. Analysts attributed the fall in prices to weak trend overseas after the US Federal Reserve announced a hike in interest rates, boosting the dollar and reducing appeal of the precious metal.

Meanwhile, gold was trading 0.4 per cent down at USD 1,068.50 an ounce in Singapore.