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.

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.