Gold prices dip marginally in futures trade on weak global cues

Gold prices fell marginally by 0.20 per cent to Rs 27,270 per 10 grams in futures trade on Thursday after market participants offloaded partial positions amid weak cues from overseas markets.

Market analysts said trimming of positions by speculators tracking a weak trend in global markets mainly put pressure on the price of the precious metal in futures trade in the national capital.

At the Multi Commodity Exchange, gold for delivery in far-month April contracts declined by Rs 54 (or 0.20 per cent), to Rs 27,270 per 10 grams in a business turnover of five lots.

Meanwhile, gold for delivery in February 2015 shed Rs 50 (or 0.18 per cent), to Rs 27,141 per 10 grams in a business turnover of 1,232 lots.

Globally, gold price in Singapore, which normally sets the price trend on the domestic front, traded 0.18 per cent lower at US $1,223.90 an ounce on Thursday.