Gold futures down by Rs 112 on weak global cues

Gold prices drifted lower by Rs 112 to Rs 28,750 per 10 gram in futures trade today as participants reduced their bets, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in April fell by Rs 112, or 0.39 per cent, to Rs 28,750 per ten gram in business turnover of 257 lots.
Likewise, the yellow metal for delivery in June contracts was trading lower by Rs 106, or 0.37 per cent, to Rs 28,910 per ten gram in 3,069 lots.
Analysts said offloading of positions by traders in tandem with a weak trend overseas mainly led to the decline in gold prices at futures trade.

Globally, gold fell 0.26 per cent to USD 1,252.40 an ounce in London.