Gold falls on global cues

Gold prices fell by Rs 194 to Rs 29,238 per 10 grams in futures trade today as speculators offloaded their positions on the back of lower global trend.

Sentiment turned bearish after gold fell in global markets as manufacturing in China trailed estimates and concern of deepening eurozone crisis boosted the dollar.

At the MCX, gold for delivery in August fell by Rs 194, or 0.66%, to Rs 29,238 per 10 grams, with a business turnover of 6,443 lots.

The June contract declined by Rs 138, or 0.47%, to Rs 29,010 per 10 grams in 1,483 lots.

Market analysts said speculators offloaded their positions in tandem with a weak trend in overseas market which mainly led to the fall in gold prices at futures trade.

Meanwhile, gold lost 0.6% to $1,551.65 an ounce in Singapore.