Gold prices down 0.15% in futures trade

New Delhi:Tracking a weak trend overseas, gold prices declined by 0.15 percent, to Rs 28,898 percent 10 grams as participants trimmed positions.

At the Multi Commodity Exchange, gold for delivery in April shed Rs 43, or 0.15 percent, to Rs 28,898 percent 10 grams, in a business turnover of 888 lots.

In a similar fashion, the metal for delivery in far-month June fell by Rs 33, or 0.11 percent, to Rs 29,203 percent 10 grams in 40 lots.

Analysts said fall in the metal's prices at futures trade was mostly in tandem with overnight weakness in the precious metals in global market after the Federal Reserve signalled that an interest rate increase could happen as soon as next month, which would reduce the appeal of the metal as an alternative asset.

Globally, gold plunged 0.95 percent to USD 1,243.10 an ounce in New York yesterday.