New Delhi: Gold futures today fell 0.85 percent to Rs 28,176 per 10 grams as participants cut their bets amid a weak global trend. Besides, profit-booking by speculators also weighed on gold prices.
At the Multi Commodity Exchange, gold prices for delivery in far-month April was trading sharply lower by Rs 242, or 0.85 per cent, to Rs 28,176 per 10 grams, in a business turnover of 26 lots.
Also, the metal for delivery in February declined Rs 232, or 0.82 per cent, to Rs 28,153 per 10 grams in 237 lots. Analysts attributed the fall in prices to weak trend overseas as a rally that pushed the Dow Jones Industrial
Average above 20,000 for the first time, along with the stronger US currency and Treasury yields close to the highest this year, reduced demand for the metal as an alternative asset.
Besides, profit-booking by speculators at prevailing levels too weighed on prices, they added. Meanwhile, gold traded 0.37 per cent down at USD 1,183.90 an ounce in Singapore.
