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Gold futures remains down on global cues

Gold futures remains down on global cues

Analysts say a weak trend in the global markets and a strengthening rupee against the US dollar kept gold prices under pressure at futures trade.

Amid weak trend overseas, gold continued its Monday's slide to trade 0.24 per cent lower in futures trade on Tuesday.

Also, stronger rupee against the US dollar put some pressure on the precious metal prices at futures trade.

At the Multi Commodity Exchange, gold for delivery in June declined by Rs 53, or 0.24 per cent to Rs 22,438 per 10 grams, with a business turnover of 1,398 lots. It had ended 0.13 per cent lower at Rs 22,491 per 10 gram in Monday's trade.

Likewise, the metal for August delivery lost Rs 36 or 0.16 per cent to Rs 22,708 per 10 grams, with a business volume of 1,156 lots.

Analysts said a weak trend in the global markets and a strengthening rupee against the US dollar kept gold prices under pressure at futures trade.

Meanwhile, gold traded lower by USD 2.80 to USD 1,536.30 an ounce in Asian region.

Published on: May 31, 2011, 1:31 PM IST
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