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Gold slips in futures trade on weak global cues


Gold prices were down by Rs 193 to Rs 24,758 per 10 grams today in futures trade after the precious metal tumbled to over five-year lows in global market.

In futures trading, gold for delivery in far-month October plunged by Rs 193, or 0.77 per cent, to Rs 24,758 per 10 grams in a business turnover of 59 lots at the Multi Commodity Exchange.

Also, the metal for delivery in August was down by Rs 188, or 0.76 per cent to Rs 24,546 per 10 grams in 395 lots.

Market Analysts said a weak trend in the overseas markets where gold extended losses to over five-year low, as US economic data that showed improvement backed the case for higher interest rates, weighed on the precious metal futures prices here.

Globally, gold was trading 1.2 per cent lower at USD 1,077.40 an ounce in Singapore today, the lowest since February 11, 2010.

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