Financials News

Gold futures slip 0.43 per cent on weak global cues

Gold futures slip 0.43 per cent on weak global cues
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New Delhi: Tracking a weak trend overseas, gold prices edged 0.43 per cent lower to Rs 29,098 per 10 grams in futures trade on Thursday as participants cut bets.

At the Multi Commodity Exchange, gold prices for delivery in February fell Rs 127, or 0.43 per cent, to Rs 29,098 per 10 grams in a business turnover of 428 lots.

Similarly, the metal for delivery in April was trading Rs 112, or 0.38 per cent, down at Rs 29,102 per 10 grams in 19 lots.

Analysts attributed the slide in gold futures to a weak trend overseas as it retreated from over 3-1/2 month high due to a firmer dollar on expectations of further US interest rate hike, diminishing demand for the precious metals as a safe haven.

Meanwhile, gold declined 0.40 per cent, to USD 1,307.30 an ounce in Singapore.

PTI