Gold futures slip on weak global markets

Gold futures fell by 0.31 per cent in early trade on the Multi Commodity Exchange today, continuing its slide for the second straight session, as speculators indulged in reducing their positions due to the overnight weakening trend in the global markets.
    
At 1100 hrs on the MCX, gold for delivery in June, the most active contract, fell by 0.31 per cent to Rs 14,470 per 10 grams. The contract recorded business turnover of 144 lots.
    
August gold moved down by 0.27 per cent to Rs 14,483 with trading of 74 lots.
    
Marketmen said an overnight plunge of nearly $20 an ounce in global gold prices, the sharpest in three weeks, mainly triggered selling in the futures market here.
    
On the New York Mercantile Exchange last night, gold futures for June delivery dropped by $19.60, or 2.2 per cent, to $888.60 an ounce.