Gold dips below Rs 29,000 level in futures trade

Taking weak cues from the global markets, gold dipped below psychological level of Rs 29,000 per ten gram by losing Rs 239 to Rs 28,945 per ten gram in futures trade on Friday as participants indulged in trimming their positions.

At the Multi Commodity Exchange, gold for delivery in June traded Rs 239, or 0.80 per cent to Rs 28,945 per ten gram in a turnover of 17,328 lots.

Likewise, the metal for delivery in far-month August also traded Rs 142, or 0.48 per cent to, Rs 29,500 per 10 gm in 591 lots.

Market analysts said a weak trend in the overseas markets as investors cut holdings of the metal on fears the US Federal Reserve might scale back stimulus, mainly put pressure on the gold futures here.

Globally, gold fell by $12.20, or 0.78 per cent to $1,549.80 an ounce in London.