Gold futures down 1.01% on global cues

New Delhi, Nov 20: Gold prices moved down by over 1 per cent to Rs 26,441 per 10 grams in futures trade today after participants offloaded positions, taking weak cues from the global market.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 270, or 1.01 per cent, to Rs 26,441 per 10 grams in business turnover of 486 lots.

Likewise, the metal for delivery in far-month February next year shed Rs 250, or 0.93 per cent, to Rs 26,699 per 10 grams in 52 lots.

Market analysts said a weak trend in overseas markets as strengthening dollar on expectations that US interest rates will rise, eroding demand for safe-haven as an alternative investment, mainly put pressure on the gold prices in futures trade here. Globally, gold traded lower at USD 1,181.55 an ounce in Singapore down from USD 1,182.68 yesterday.

PTI