Gold futures down on weak global cues

Tracking a weak trend in global markets, gold prices declined by Rs 83 to Rs 27,947 per 10 grams in futures trading Monday as speculators offloaded their positions amid closure of jewellery shops.

Updated: Apr 02, 2012, 15:55 PM IST

New Delhi: Tracking a weak trend in global markets, gold prices declined by Rs 83 to Rs 27,947 per 10 grams in futures trading Monday as speculators offloaded their positions amid closure of jewellery shops.

Trading sentiment turned bearish after gold declined in London on concerns that strike by jewelers in India, protesting a recent hike in taxes, will curb physical demand for the metal.

At the Multi Commodity Exchange, gold for delivery in April declined by Rs 83, or 0.30 percent, to Rs 27,947 per 10 grams, with a business turnover of 1,778 lots.

In a similar fashion, the metal for delivery in June moved down by Rs 69, or 0.24 percent, to Rs 28,449 per 10 grams, with an open interest of 6,707 lots.

Market said speculators offloaded their positions on the back of a weak trend in overseas markets, which led to the fall in gold prices at futures market here.

Meanwhile, gold fell by 0.1 percent to USD 1,666.36 an ounce in London.

PTI