Gold futures decline 0.16 pc on weak global cues

Amid a weak global trend, gold prices drifted lower by 0.16 per cent to Rs 28,983 per ten grams in futures trade today as participants cut their bets.
At the Multi Commodity Exchange, gold for delivery in far-month June fell by Rs 45, or 0.16 per cent, to Rs 28,983 per ten grams in a business turnover of 39 lots.
Likewise, the yellow metal for delivery in April traded lower by Rs 40, or 0.14 per cent, to Rs 28,905 per ten grams in 789 lots.
Analysts said the weakness in gold futures was mostly in tune with a subdued trend overseas as investors anticipate higher borrowing costs in the US next week.

Meanwhile, gold fell 0.75 per cent to USD 1,225.10 an ounce in New York yesterday.