 "Gold futures down by 0.8% on weak global cues")
Gold futures today fell Rs 241 to Rs 28,449 per 10 grams as participants indulged in cutting their bets amid a weak global trend.
Besides, continued profit-booking by speculators at prevailing levels also weighed on gold prices.
At the Multi Commodity Exchange, gold prices for delivery in April contracts plunged Rs 241 or 0.84% to Rs 28,449 per 10 grams in business turnover of 267 lots.
Analysts attributed decline in gold prices at futures trade to weak trend overseas where it fell for a third day after touching a one-year high last week as the recovery in equities looked set to continue in Asia, eroding demand for the safe-haven.
Besides, profit-booking by speculators at prevailing levels kept pressure on the precious metal, they said.
Meanwhile, gold traded 0.4% down at $1,204.99 an ounce in Singapore.
Besides, continued profit-booking by speculators at prevailing levels also weighed on gold prices.
At the Multi Commodity Exchange, gold prices for delivery in April contracts plunged Rs 241 or 0.84% to Rs 28,449 per 10 grams in business turnover of 267 lots.
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Also, the metal for delivery in far-month June declined Rs 207 or 0.72% to Rs 28,720 per 10 grams in just moderate one lot.
Analysts attributed decline in gold prices at futures trade to weak trend overseas where it fell for a third day after touching a one-year high last week as the recovery in equities looked set to continue in Asia, eroding demand for the safe-haven.
Besides, profit-booking by speculators at prevailing levels kept pressure on the precious metal, they said.
Meanwhile, gold traded 0.4% down at $1,204.99 an ounce in Singapore.