Gold futures down by 0.8% amid weak global cues

Amid a weakening global trend, gold futures traded lower by Rs 225 at Rs 28,374 per 10 grams today as speculators cut down their bets.

Besides, profit-booking by speculators at existing levels weighed on the precious metal prices.

Gold for delivery in April dropped Rs 225, or 0.79%, to Rs 28,374 per 10 grams, in a business turnover of 363 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month June was trading down Rs 223, or 0.77%, to Rs 28,639 per 10 grams in 78 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where it sank to one month lows as the dollar's rally hurts the allure of the metal that has been the best-performing commodity of 2016.

Meanwhile, gold prices fell 0.23% to $1,213.40 an ounce in Singapore today.

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