Gold futures fall Rs 58 on weak global cues

Gold fell Rs 58 to Rs 28,890 per 10 grams in futures trade today as participants reduced positions, largely in line with a weak trend overseas.
Moreover, profit-booking at existing level also weighed on gold futures.
At the Multi Commodity Exchange, gold for delivery in August was trading lower by Rs 58, or 0.20 per cent, at Rs 28,890 per 10 grams in a business turnover of 322 lots.
Also, the metal for delivery in June shed Rs 57, or 0.20 per cent, to Rs 28,684 per 10 grams in 322 lots.
Analysts said, besides a weak trend in the overseas markets, profit-booking by speculators at current levels, weighed on the precious metal in futures trade here.

Globally, gold fell 0.20 per cent to USD 1,260.30 an ounce in Singapore today.