Business

Gold futures plunge Rs 295 on weak global cues

Gold futures plunge Rs 295 on weak global cues

New Delhi: Gold prices fell sharply by Rs 295 to Rs 27,292 per 10 grams in futures trade today 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 295, or 1.07 per cent, to Rs 27,292 per 10 grams, in a business turnover of 641 lots.

Also, the metal for delivery in far-month April declined by Rs 289, or 1.05 per cent, to Rs 27,300 per 10 grams in 34 lots.

Analysts attributed the fall in prices to weak trend in gold overseas where it traded at nearly 10-month low 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 0.17 per cent down at USD 1,140.70 an ounce in Singapore.