Gold futures prices declined marginally by Rs 36 to Rs 29,078 per 10 grams today due to a weakening trend overseas as strengthening dollar curbed the demand for the precious metal.

At the Multi Commodity Exchange, gold for delivery in June fell Rs 36 or 0.12 per cent to Rs 29,078 per 10 grams with a business turnover of 22 lots. Similarly, the metal for delivery in April lost Rs 31 or 0.11 per cent to Rs 28,709 per 10 grams with a trade volume of 460 lots.

Analysts said the fall in gold prices at the futures trade was mostly due to a weakening trend overseas after Standard & Poor’s cut Greece’s credit rating, weakening the euro against the dollar and damping the demand for alternative investments.

Meanwhile, the yellow metal was quoted a shade lower at $1,767.97 an ounce in early trade today in Singapore.

(This article was published on February 28, 2012)
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