Gold down Rs 172 in futures trade as global cues hurt

New Delhi, May 4 (PTI) Gold prices drifted lower by Rs 172 to Rs 28,300 per 10 grams in futures trade today as participants lightened positions, largely in step with a weak trend overseas. In futures trading, gold for delivery in June was trading Rs 172 lower, or 0.60 per cent down, at Rs 28,300 per 10 grams at the Multi Commodity Exchange with a business turnover of 973 lots. The metal for delivery in August shed Rs 162, or 0.77 per cent, to Rs 28,412 per 10 grams in 12 lots. Analysts said, a weakening trend in the overseas markets where gold declined as the dollar strengthened against a basket of major currencies, reducing the appeal of the precious metals as a safe haven after the US Federal Reserve kept interest rates unchanged as expected, mainly weighed on the its prices at futures trade here. Globally, gold fell 1.53 per cent to USD 1,237.70 an ounce in New York yesterday. PTI