Gold futures slide on weak global cues

NEW DELHI, July 27: Gold prices moved down by 0.24 per cent to Rs 29,913 per 10 gram in futures trade today as speculators reduced exposure amid a weak global trend.
At the Multi Commodity Exchange, gold prices for delivery in October fell by Rs 71, or 0.24 per cent to Rs 29,913 per ten gram in a business turnover of 261 lots.
Similarly, the yellow metal for delivery in August contracts was trading lower by Rs 63, or 0.21 per cent to Rs 29,725 per ten grams in 715 lots.
Analysts said offloading of positions by participants in tandem with a weak overseas trend on stronger dollar and in response to easing trade tensions after the United States agreed to refrain from imposing tariffs on cars from the European Union, influenced gold prices here at futures trade.
Globally, gold fell 0.73 per cent to USD 1,222.40 an ounce in New York in yesterday’s trade. (PTI)


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