Continuing its downslide, gold futures prices fell further by 0.4 per cent to Rs 28,540 per 10 gram today as speculators indulged in reducing their exposures, tracking a weak global trend.

On the Multi Commodity Exchange, gold prices for delivery in far-month February were trading lower by Rs 114 or 0.4 per cent at Rs 28,540 per 10 grams in a business turnover of 22 lots.

On similar lines, the metal prices for delivery in December eased by Rs 110 or 0.38 per cent to Rs 28,747 per ten grams in 658 lots.

Market analysts said that the fall in gold futures was mostly attributed to a weak overseas trend as US lawmakers continued their negotiations on increasing the debt limit and ending the partial government shutdown.

Besides, appreciating rupee, which makes imports cheaper, also weighed on the gold prices, they said.

Meanwhile, gold traded lower at $1,292.15 an ounce in Singapore. Prices have fallen 2.7 per cent in the past three days.

(This article was published on October 11, 2013)
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