Gold futures fall on weak Asian cues

NEW DELHI: Gold futures prices today fell by Rs 189 to Rs 28,055 per 10 gm, as speculators offloaded their positions after the precious metal dropped to year's low in overseas markets.

At the Multi Commodity Exchange, gold for delivery in April fell by Rs 189, or 0.67 per cent, to Rs 28,055 per 10 gm, with a business turnover of 3,905 lots.

Similarly, the metal for delivery in August declined by Rs 177, or 0.62 per cent, to Rs 28,441 per 10 gm, with an open interest of 364 lots.

Analysts attributed fall in gold prices at futures trade to offloading of positions by speculators after the precious metal dipped to year's low as concern that Europe's debt crisis is deepening strengthened the dollar and cut its appeal as an alternative asset.

Meanwhile, gold fell 0.2 per cent to USD 1,552.97 an ounce in Singapore, the lowest level since December 30.