Gold futures down 0.22% on weak global cues

Taking cues from overseas markets, gold futures prices today fell 0.22 percent to Rs 27,120 per 10 grammes as speculators offloaded their positions.

At the Multi Commodity Exchange, gold prices for delivery in far-month August shed Rs 59, or 0.22 percent , to Rs 27,120 per 10 gm in business turnover of seven lots.

Also, metal prices for delivery in June declined by Rs 54, or 0.20 percent , to Rs 26,880 per ten gm in 292 lots.

Analysts said the fall in gold futures was attributed to trimming of positions by speculators, tracking with trend overseas after data on US jobless claims showed an improving labour market ahead of the release of non-farm payroll figures for April, boosting speculation that interest rates will rise this year.

Meanwhile, gold traded at USD 1,183.29 an ounce in Singapore from USD 1,184.51 yesterday.