Gold futures down Rs 219 tracking weakness in overseas markets

Amid a weakening global trend, gold futures traded Rs 219 down at Rs 28,830 per 10 grams as speculators cut down their bets.

Gold for delivery in April dropped by Rs 219 or 0.75% to Rs 28,830 per 10 grams in a business turnover of 373 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in June was trading lower by Rs 221 or 0.75% to Rs 29,124 per 10 grams in 32 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas as investors weighed the outlook for US interest rate increase.

Meanwhile, gold prices fell by 0.40% to $1,242.85 an ounce in Singapore.