Gold futures shed Rs 72 on weak global cues

Amid a weakening global trend, gold futures traded lower by Rs 72 at Rs 28,386 per 10 grams today as speculators trimmed their positions.

Gold for delivery in April fell Rs 72, or 0.25%, to Rs 28,386 per 10 grams, in a business turnover of 237 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month June was trading down Rs 66, or 0.23%, to Rs 28,650 per 10 grams in 34 lots.

Analysts said the fall in gold futures was mostly in tune with a weak trend overseas where it dropped towards the lowest level in a month as investors weighed the outlook for US interest rates before a speech by Federal Reserve Chair Janet Yellen.

Meanwhile, gold prices fell 0.4% to $1,217.49 an ounce in Singapore today.