Gold slips 0.58% on weak global cues

Gold prices fell 0.58 per cent to Rs 29,570 per 10 grams in futures trade today as participants trimmed positions to book profits amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in April was trading Rs 172, or 0.58 per cent, lower at Rs 29,570 per 10 grams, in a business turnover of 71 lots.

Also, the metal for delivery in February shed Rs 164, or 0.55 per cent, to Rs 29,593 per 10 grams in 689 lots.

Analysts said apart from the profit-booking at current levels by speculators, a weakening trend overseas as the dollar edged further away from 3-year lows propped up by stronger-than-expected US economic data, weighed on the precious metal in futures trade.

Globally, gold fell 0.85 per cent to USD 1,326.60 an ounce in New York yesterday.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)