Gold falls Rs 108 as weak global cues hurt

Gold prices were trading down by Rs 108 to Rs 28,338 per 10 grams in futures trade today as participants cut down their holdings amid a weak trend overseas.
At Multi Commodity Exchange, gold for delivery in April was trading lower by Rs 108, or 0.38 per cent, at Rs 28,338 per 10 grams, in a business turnover of 516 lots.
Also, the metal for June delivery shed Rs 96, or 0.34 per cent, to Rs 28,410 per 10 grams in 47 lots.
Analysts said, a weakening trend in the overseas markets on growing hopes of a rate hike by the US Federal Reserve next week, diminishing demand for the precious metals as a safe haven, weighed on gold futures here.

Besides, profit-booking at the prevailing levels too attributed the fall in the precious metal prices, they said.
Globally, gold fell 0.34 per cent, to USD 1,196.70 an ounce in Singapore.