Gold down by 0.5% in futures trade as weak global cues hurt

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Gold prices were down by Rs 158 to Rs 29,940 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 far-month June was trading lower by Rs 158, or 0.52%, at Rs 29,940 per 10 grams, in a business turnover of 22 lots. Also, the metal for delivery in April shed Rs 148, or 0.50%, to Rs 29,661 per 10 grams in 617 lots. Analysts said there is a weakening trend in the overseas markets where gold dropped as the dollar gained ahead of a key European Central Bank meeting this week, reducing demand for the precious metal. Globally, gold fell 0.54% to $1,254.20 an ounce in Singapore.



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