Gold futures down on weak global cues

Gold prices moved down by 0.31 per cent to Rs 28,739 per 10 gram in futures trade today as speculators trimmed their exposures, tracking a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in February next year eased by Rs 90, or 0.31 per cent, to Rs 28,739 per 10 gram in business turnover of 201 lots.

Likewise, the metal for delivery in far-month April 2014 shed Rs 84, or 0.29 per cent, to Rs 28,410 per 10 gm in three lots.

Market analysts said a weak trend in the overseas markets after signs of a strengthening US economy fuelled speculation that the Federal Reserve is ready to slow the pace of its monetary stimulus mainly weighed on the gold prices at futures trade here.

Globally, gold fell 2.5 per cent to $1,218.80 an ounce in New York in previous session.