Gold futures down on weak global cues

Gold futures prices today fell by Rs 173 to Rs 29,788 per 10 grams as speculators offloaded their positions, tracking a weak trend in the New York market.

Trading sentiments turned bearish as gold fell to the lowest in almost four weeks in global markets amid signs of slowing US growth and strengthening of dollar on speculation that European Union leaders will struggle to solve the debt crisis.

At the MCX, gold for delivery in October fell by Rs 173, or 0.58%, to Rs 29,788 per 10 grams in business turnover of 1,100 lots.

The August contract declined by Rs 167, or 0.56%, to Rs 29,485 per 10 grams in 21,183 lots.

Market analysts said apart from weak trend in New York, fall in demand at prevailing higher levels mainly pulled down gold prices at futures trade.

Meanwhile, gold fell by USD 22.20 to USD 1,552 an ounce in New York last night.