Gold futures decline on global cues

Gold prices declined by Rs 139, or 0.76 per cent, to Rs 18,160 per ten gram in futures trade today, as traders reduced their positions driven by a weakening global trend.

Trading sentiment turned bearish after gold headed for its biggest weekly loss since February 2009, as some investors sold the yellow metal to cover losses and others decided to lock in gains after a record rally, a week ago.

At the Multi Commodity Exchange, gold for October-month contract fell Rs 139, or 0.76 per cent, to Rs 18,160 per ten gram, with an open interest of 562 lots.

Similarly, the metal for delivery in June-month contract declined by Rs 128, or 0.70 per cent, to Rs 18,030 per ten gram, with a business turnover of 12,726 lots.

Marketmen said fresh selling by traders in tandem with a weakening global trend pulled down gold prices in futures market.

Meanwhile, gold dropped 1.4 per cent, to $1,166.30 an ounce in the Asian region.