Gold prices down in futures trade on weak global cues

Amid a weak trend overseas and profit-booking by speculators, gold prices fell 0.53 per cent to Rs 28,806 per 10 grams in futures trade on Tuesday.

At the Multi Commodity Exchange, gold for delivery in June eased by Rs 153, or 0.53 per cent, to Rs 28,806 per 10 grams in a business turnover of 343 lots.

Likewise, the metal for delivery in far-month August shed Rs 127, or 0.44 per cent, to Rs 28,532 per 10 grams in nine lots.

Analysts said a weak trend in the overseas markets as an improving US economy weighed against the situation in Ukraine, put pressure on the gold prices at futures trade.

Globally, gold fell 0.50 per cent to $1,321.31 an ounce in Singapore on Tuesday.