Gold futures slide on weak global cues

New Delhi: Gold futures fell by 0.22 per cent to Rs 29,593 per 10 grams on Thursday as participants cut their bets amid a weak global trend.

At the Multi Commodity Exchange, gold for delivery in December shed Rs 65 or 0.22 per cent to Rs 29,593 per 10 grams in a business turnover of 1,462 lots.

Also, the metal for delivery in far-month December eased by Rs 45 or 0.15 per cent to Rs 29,770 per 10 grams in 228 lots.

Market analysts attributed the fall in prices to weak trend overseas on heightened expectations that the US Federal Reserve will raise interest rates again this year, strengthening the dollar and reduced the appeal of gold as a safe haven.

Meanwhile, gold traded lower 0.30 per cent at USD 1,278.80 an ounce in Singapore.