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Precious Metals

Gold futures drop £2.38 amid weak global cues

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Gold futures traded lower by £2.38 at £300.72 per 10 grams in the wake of a weakening global trend as speculators cut down their bets.

Besides, profit-booking by speculators at existing levels weighed on the precious metal prices.

Gold for delivery in April dropped £2.38, or 0.79 per cent, to £300.72 per 10 grams, in a business turnover of 363 lots at the Multi Commodity Exchange.

Similarly, the metal for delivery in far-month June was trading down £2.36, or 0.77 per cent, to £303.54 per 10 grams in 78 lots.

According to market analysts, the fall in gold futures reflected a weak trend overseas where it sank to one month lows as the dollar’s rally hurts the allure of the metal that has been the best-performing commodity of 2016.

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Paul

The author Paul