Gold falls 0.2% on global cues

Tracking a weak global trend and rising rupee, gold prices fell by 0.18% to Rs 30,505 per 10 gram in futures market today as speculators indulged in trimming positions.

 

At the Multi Commodity Exchange, gold for delivery in far-month December fell by Rs 55, or 0.18%, to Rs 30,505 per 10 grams in business turnover of 122 lots.

 

Similarly, the yellow metal for delivery in October lost Rs 52, or 0.17%, to Rs 30,630 per 10 grams in 2,594 lots.

 

Market analysts said the fall in gold futures was mostly attributed to a weakening trend in the global market where it retreated to a three-week low on speculation that the US Federal Reserve will commit to reducing stimulus next week.

    

Besides, rising rupee against the dollar also putting pressure on the yellow metal prices, they said.

   

Meanwhile, gold in Singapore dropped 0.80% to 1,354.51 dollar an ounce, the lowest level since August 20.