Gold futures fall on weak global cues

Gold prices fell by 0.33 per cent to Rs 26,264 per 10 grams in futures trade today as participants engaged in reducing positions in tandem with a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in April eased by Rs 87, or 0.33 per cent, to Rs 26,264 per 10 grams in a business turnover of 187 lots.

Likewise, the metal for delivery in far-month June shed Rs 81, or 0.31 per cent, to Rs 26,461 per 10 grams in 15 lots.

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Market analysts said a weakening trend in the overseas markets where gold slipped from over two-week highs after inflation showed signs of stirring in the world’s biggest economy, boosting prospects for an increase in US interest rates, weighed on the precious metal at futures trade here.

Globally, gold fell 0.4 per cent to USD 1,188.55 an ounce in Singapore today.