Gold futures down 0.6% on global cues

Gold futures prices today fell by 0.61% to Rs 31,200 per 10 gram as speculators offloaded their positions, taking cues from the global market.

 

Besides, profit-booking by speculators also put pressure on gold futures.

 

At the Multi Commodity Exchange, gold prices for delivery in December fell by Rs 193, or 0.61%, to Rs 31,200 per 10 grams in business turnover of 16 lots.

 

Similarly, metal prices for delivery in October declined by Rs 173, or 0.55%, to Rs 31,271 per 10 gram in 393 lots.

 

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as investors weighed the minutes of the US Federal Reserve's last meeting, which reinforced expectations that stimulus will be tapered amid strengthening dollar, reducing appeal for the precious metal as an alternative investment.

 

Globally, gold prices fell 0.8% to trade at $1,355.30 an ounce in Singapore.