Gold futures drop Rs88 on weak global cues
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New Delhi: Amid a weakening global trend gold futures traded Rs.88 down at Rs.29,295 per 10 grams on Thursday as speculators reduced their positions.
Gold for delivery in December dropped by Rs.88 or 0.30% to Rs.29,295 per 10 gram in a business turnover of 105 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in far-month February next year shed Rs.42 or 0.14% to Rs.29,159 per 10 gram in 5 lots.
Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as the dollar climbed to a 14-month high against basket of currencies, eroding demand for haven assets. Meanwhile, gold prices dropped by 0.28% to $1,225 an ounce in New York on Wednesday.