Gold futures dip below Rs 29,000 on weak global cues
Trading sentiment turned weak after gold dropped in global markets as the election of Francois Hollande as France's president weakened the euro, trimming demand for alternative assets.
New Delhi: Gold prices dipped below Rs 29,000 by losing Rs 207 to Rs 28,978 per 10 grams in futures trading today as speculators offloaded their positions amid a weak trend in overseas markets.
Trading sentiment turned weak after gold dropped in global markets as the election of Francois Hollande as France's president weakened the euro, trimming demand for alternative assets.
At the Multi Commodity Exchange, gold for delivery in June fell by Rs 207, or 0.71 percent, to Rs 28,978 per 10 grams, with a business turnover of 19,050 lots.
Similarly, the metal for delivery in August lost Rs 194, or 0.66 per cent, to Rs 29,358 per 10 grams in 890 lots.
Market analysts attributed the fall in gold futures to a weakening global trend.
Meanwhile, gold fell 0.5 percent to $ 1,634.38 an ounce in Singapore.
PTI
