Gold futures extend losses, down 0.13 pc on weak global cues

Mumbai-India (May 3)  Gold prices fell further by 0.13 per cent to Rs 28,546 per 10 grams in futures trading today as speculators engaged in trimming positions, driven by a weak trend overseas.

Sluggish demand at domestic spot market also weighed on gold prices.

At the Multi Commodity Exchange, gold for delivery in June declined by Rs 36, or 0.13 per cent to Rs 28,546 per ten grams in a business turnover of 3,220 lots.

Likewise, the metal for delivery in August traded lower by Rs 25, or 0.09 per cent, to Rs 28,663 per ten gram in 30 lots.

Analysts said, offloading of positions by participants in line with a weak trend overseas with investors awaiting the outcome of the US Federal Reserve's policy meeting, mainly kept gold prices lower at futures trade.

Globally, gold fell 0.28 per cent to USD 1,253.40 an ounce in London.

Source: DNA