Gold futures fall Rs 122 on weak global cues
Gold is trading at Rs 30,384 per 10 grams as speculators scaled down their positions.
New Delhi: Amid a weakening global trend, gold futures traded lower by Rs 122 at Rs 30,384 per 10 grams on Thursday as speculators scaled down their positions.
Gold for delivery in June dropped Rs 122, or 0.40 per cent, to Rs 30,384 per 10 grams, in a business turnover of five lots at the Multi Commodity Exchange.
In a similar fashion, the metal for delivery in April contract was trading down Rs 115, or 0.38 per cent, to Rs 30,264 per 10 grams in 184 lots.
Analysts said the fall in gold futures is mostly in line with a weak trend overseas where the strong dollar following comments from Federal Reserve Chairman that fanned concerns of faster-than-expected hikes in US interest rates took away some of the safe haven appeal of the precious metal.
Meanwhile, gold prices fell 0.27 per cent to USD 1,314.20 an ounce in Singapore.