Gold falls Rs 46 in futures trade as weak global cues hurt

New Delhi: Gold prices were down by Rs 46 to Rs 28,697 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 April was trading lower by Rs 46, or 0.16 percent, at Rs 28,697 per 10 grams, in a business turnover of 647 lots.

Also, the metal for delivery in far-month June shed Rs 41, or 0.14 percent, to Rs 28,938 per 10 grams in 197 lots.

Analysts said there is a weakening trend in the overseas markets where gold dropped as global equities surged after Federal Reserve Chair Janet Yellen reasserted the central banks gradual approach to raising US interest rates, weighed on the precious metal prices at futures trade here.

Globally, gold fell 0.4 percent to USD 1,236.85 an ounce in Singapore.