Gold futures fall 0.49% on global cues

Gold prices fell by 0.49 per cent to Rs 28,727 per ten grams in futures trade today as speculators offloaded their positions in tandem with a weak global trend as the Fed decided to trim monthly bond buying.

At the Multi Commodity Exchange, gold for delivery in February fell by Rs 141, or 0.49 per cent to Rs 28,727 per ten grams in business turnover of 1922 lots.

Similarly, the yellow metal for delivery in April also moved down by Rs 131, or 0.46 per cent to Rs 28,150 per ten grams in 59 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend as the Federal Reserve said it will trim its monthly bond purchases on an improved outlook for the US jobs market, mainly led to decline in gold prices at futures trade.

Meanwhile, gold fell 0.2 per cent to 1,215.93 dollar an ounce in Singapore.