Gold futures decline by 0.4% on weak global cues
Gold prices fell by Rs 115 to Rs 28,726 per 10 gram in futures trading today as participants cut down their bets after the precious metal fell for the ninth day in overseas market. At the Multi Commodity Exchange, gold for delivery in far-month August was trading lower by Rs 115, or 0.40%, to Rs 28,726 per 10 gram, in a business turnover of 44 lots. Similarly, metal for delivery in June eased by Rs 112, or 0.39%, to Rs 28,491 per 10 gram in 102 lots. Analysts attributed the fall in gold futures to trimming of positions by traders, tracking a weak trend in global market as the prospect of higher borrowing costs in the US damped the appeal for the precious metals, strengthening the dollar. Globally, gold fell 0.90% to $1,201.90 an ounce in Singapore, a level last seen in February.