Gold futures down on global cues

PTI New Delhi | Updated on February 04, 2011

Gold futures prices drifted by Rs 52 to Rs 20,291 per 10 grams at the futures trade today as speculators reduced their positions, driven by a weakening global trend.

Sentiment turned bearish as the yellow metal dropped from a two-week high in Asia, as an economic recovery eroded the appeal of the precious metal as an alternative investment.

At the Multi Commodity Exchange counter, gold for delivery in April fell by Rs 52 or 0.26 per cent to Rs 20,291 per 10 grams with a business turnover of two lots.

Likewise, the metal for delivery in February lost Rs 28 or 0.19 per cent to Rs 20,058 per 10 grams with a business turnover of two lots.

Market analysts said speculators reduced their positions after a weakening trend in Asia, which in turn led to the fall in gold prices at the futures trade.

Meanwhile, gold declined 0.3 per cent to $1,350.02 an ounce in Asia.

Published on February 04, 2011

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