Gold futures extend weakness on global trend, subdued demand

June, August contracts shed 0.23% and 0.11% respectively, as traders pare positions

Gold futures prices today fell by 0.23 per cent to Rs 26,768 per 10 grams as participants engaged in trimming positions amid weak global cues.

Besides, subdued demand at domestic spot markets, too, weighed on the prices.

At the Multi Commodity Exchange, gold for delivery in June, fell by Rs 62, or 0.23 per cent, to trade at Rs 26,768 per 10 grams in a turnover of 453 lots.

August gold shed Rs 28, or 0.11 per cent, to Rs 25,810 per 10 gm in 194 lots.

Globally, gold fell by $2.70 to $1,255.10 an ounce in New York yesterday.
 
Analysts said off-loading of positions by speculators on sluggish spot demand and a weak trend overseas, mainly put pressure on gold prices in futures trade here.