Gold futures slide 0.60%, hurt by global cues

Gold prices drifted down by 0.60 per cent to Rs 28,178 per 10 grams in futures trade today as speculators reduced exposure amid a weak trend overseas.
Besides, a weak trend at the spot markets due to muted demand from jewellers weighed on prices.
At the Multi Commodity Exchange, gold for delivery in February fell by Rs 169, or 0.60 per cent to Rs 28,178 per ten grams in business turnover of 4,007 lots.
Similarly, the metal for delivery in April traded lower by Rs 157, or 0.55 per cent to Rs 28,190 per ten grams in 271 lots.
Analysts attributed the slide in gold futures to a weak trend overseas on higher chances of a rate hike by the Federal Reserve later this week, diminishing appeal for precious metals a safe haven investment.

Globally, fell 0.54 per cent to USD 1,241.40 an ounce in New York in yesterday's trade.