Gold futures plunge Rs 405 as global leads stay weak

New Delhi: Amid a weakening global trend, gold futures fell sharply by Rs 405 to Rs 29,110 per 10 gm on February 22, as speculators cut down their bets. Gold for delivery in April contracts dropped Rs 405, or 1.37 per cent, to Rs 29,110 per 10 gm in a business turnover of 799 lots at the Multi Commodity Exchange.

In a similar fashion, the metal for delivery in far-month June was trading down Rs 390, or 1.31 per cent, to Rs 29,390 in 22 lots. Market analysts said the fall in gold futures is mostly in step with a weak trend overseas as Asian equities resumed their gain and chances of a US rate hike rose after a report on Friday showed a pick-up in inflation.

Meanwhile, gold prices slid 0.3 per cent to USD 1,223.67 an ounce in Singapore on February 22.