Gold down by 0.5% in futures trade as weak global cues hurt

Gold prices were down by Rs 158 to Rs 29,940 per 10 grams in futures trade today as participants cut down their holdings, largely in line with a weak trend overseas.

At Multi Commodity Exchange, gold for delivery in far-month June was trading lower by Rs 158, or 0.52%, at Rs 29,940 per 10 grams, in a business turnover of 22 lots.

Also, the metal for delivery in April shed Rs 148, or 0.50%, to Rs 29,661 per 10 grams in 617 lots.

Analysts said there is a weakening trend in the overseas markets where gold dropped as the dollar gained ahead of a key European Central Bank meeting this week, reducing demand for the precious metal.
 
Globally, gold fell 0.54% to $1,254.20 an ounce in Singapore.