Gold prices ease by 0.18 per cent in futures trade on global cues

Gold prices fell by 0.18 per cent to Rs 27,341 per 10 grams in futures trade on Friday, tracking a weak global trend, as speculators offloaded their positions.

Market analysts said the fall in prices of the yellow metal was mostly due to a weakening trend in the global market as gains in the United States economy boosted speculation that the US Federal Reserve will raise interest rates soon, eroding the appeal of gold.

At the Multi Commodity Exchange, the precious metal for delivery in far-month April dropped by Rs 50 (or 0.18 per cent) to Rs 27,341 per 10 grams in a business turnover of one lot.

On similar lines, gold for delivery in February eased by Rs 38 (or 0.14 per cent) to Rs 27,220 per 10 grams in 108 lots.

Meanwhile, gold in Singapore, which normally sets the price on the domestic front, fell by 0.48 per cent to US $1,221.50 an ounce.