Gold futures down 0.20% on global cues
Tracking a weak trend overseas, gold prices drifted lower by 0.20 percent to Rs 28,828 per 10 grams in futures trade today as speculators trimmed positions.
At the Multi Commodity Exchange, gold for delivery in April fell Rs 57, or 0.20 percent, to Rs 28,828 per ten grams in a business turnover of 253 lots.
Similarly, the yellow metal for delivery in June was trading lower by Rs 51, or 0.18 per cent, to Rs 28,960 per ten grams in six lots.
Market analysts said, the fall in gold futures was mostly attributed to offloading of positions by participants in line with a weak trend overseas.
Meanwhile, gold prices fell 0.16 per cent to USD 1,246.20 an ounce in Singapore.
Oil bounces off November lows, but bloated US stockpiles pressure market
Brent crude dipped below $50 but has since recovered
* Markets remain oversupplied amid bloated U.S. crude stocks
* U.S. oil output up 8 pct since mid-2016 to over 9 mln barrels
* China's fuel exports near record, imports slump (Adds China fuel data, updates prices)
Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.
Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multi-month lows overnight. the bounce, traders said the market remained under pressure, largely due to a big U.S. inventory and doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output was reining in a global fuel supply overhang. McKenna, chief market strategist at futures brokerage AxiTrader, said OPEC was "underwriting the investment plans and returns of their competition in U.S. shale oil."
SELL GOLD BELOW 28820 TGT 28760-28680-28550 SL ABOVE 28900 CMP 28820
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