Gold futures fall on weak global cues
New Delhi: Gold futures prices on Wednesday fell by 0.57 percent to Rs 28,282 per 10 gm as speculators offloaded positions amid a weak trend in global markets.
Besides, absence of positive triggers from major domestic bullion markets, closed since March 17 because of traders' protest against duty hikes in the Budget 2012-13, put pressure on gold futures prices.
At the Multi Commodity Exchange, gold for delivery in June fell Rs 163, or 0.57 percent, to Rs 28,282 per 10 gm, with a business turnover of 1,869 lots.
Similarly, delivery rates for April declined by Rs 131, or 0.47 percent, to Rs 27,786 per 10 gm, for 43 lots.
Market analysts said overseas markets were weak on fading hopes that of monetary easing by the US Fed.
Meanwhile, gold slumped 2 percent to USD 1,643.93 an ounce in New York yesterday.