Gold prices fall in futures trade amid weak global cues

Gold prices fell by Rs 38 to Rs 26,472 per 10 gm in futures trade on Tuesday as participants reduced their positions largely with a weak trend overseas amidst subdued demand at domestic spot markets.

Market analysts said there was a weakening trend in the overseas markets due to strengthening of dollar thus reducing the appeal of the yellow metal and pressuring the gold prices in futures trade.

At the Multi Commodity Exchange, gold for delivery in April contracts eased by Rs 38 (or 0.13 per cent), to Rs 26,472 per 10 gm in 986 lots.

Likewise, the precious metal for delivery in June shed Rs 28 (or 0.11 per cent), to Rs 26,685 per 10 gm in a business turnover of 71 lots.

Globally, gold in Singapore fell by 0.9 per cent to US $1,195.50 an ounce, the lowest level since February 24.