Gold price declines to Rs 28,598 per 10 grams

New Delhi: Tracking a weak trend overseas, gold prices declined by 0.36 per cent to Rs 28,598 per 10 grams as participants trimmed positions. At the Multi Commodity Exchange, gold for delivery in far-month June shed Rs 104, or 0.36 per cent, to Rs 28,598 per 10 grams, in a business turnover of 31 lots.

In a similar fashion, the metal for delivery in April fell by Rs 99, or 0.35 per cent to Rs 28,530 per 10 grams in 1,042 lots. Analysts said fall in the metal's prices at futures trade was mostly in tandem with weakness in the precious metals in global market after the Federal Reserve signalled that an interest rate increase could happen later this week, which would reduce the appeal of the metal as an alternative asset. Globally, gold plunged 0.3 per cent to USD 1,204.28 an ounce in Singapore.