Gold slumps to Rs 27,711 per 10 grams on weak global cues

New Delhi: Gold prices went down by 0.26 percent to Rs 27,711 per 10 grams in futures trade on Monday as participants lightened their bets, tracking a weak movement overseas.

At Multi Commodity Exchange, gold for delivery in August was down Rs 73, or 0.26 per cent, to Rs 27,711 per 10 grams in a business turnover of 40 lots.

Similarly, the metal for delivery in far-month October contracts was trading lower by Rs 64, or 0.23 per cent, to Rs 27,888 per 10 grams in 18 lots.

Analysts attributed the fall in prices to a weak trend overseas as a relatively solid US jobs data raised hopes for higher US interest rate this year, eroding demand for the precious metal as a safe haven investment.

Meanwhile, gold dropped 0.15 per cent to USD 1,210.40 an ounce in Singapore.