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Gold futures drop by Rs 44 over weak global cues

Gold futures traded lower by Rs 44 at Rs 29,428 per 10 gram.

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Amid a weakening global trend and profit-booking by speculators, gold futures traded lower by Rs 44 at Rs 29,428 per 10 gram on Thursday.

Gold for delivery in far-month June was trading lower by Rs 44, or 0.15%, to Rs 29,428 per 10 gram, in a business turnover of 2 lots at the Multi Commodity Exchange. On similar lines, the metal for delivery in April eased by Rs 28, or 0.10%, to Rs 29,400 per 10 gram in 172 lots.

Analysts said the fall in gold futures was mostly in tandem with a weak trend overseas where the precious metal fell as the strength of the dollar on growing expectations of a Federal Reserve rate hike this month, dimmed the metal's appeal as an alternative investment. Globally, gold prices fell 0.20% to $1,246.50 an ounce in Singapore today.

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