Gold prices fall by 0.36% to Rs 28,598 per 10 grams in futures trade

Tracking a weak trend overseas, gold prices declined by 0.36% to Rs 28,598 per 10 grams as participants trimmed positions. At the Multi Commodity Exchange, gold for delivery in far-month June shed Rs 104, or 0.36%, to Rs 28,598 per 10 grams, in a business turnover of 31 lots.

In a similar fashion, the metal for delivery in April fell by Rs 99, or 0.35% to Rs 28,530 per 10 grams in 1,042 lots. Analysts said fall in the metal's prices at futures trade was mostly in tandem with weakness in the precious metals in global market after the Federal Reserve signalled that an interest rate increase could happen later this week, which would reduce the appeal of the metal as an alternative asset.

Globally, gold plunged 0.3% to $1,204.28 an ounce in Singapore.