Gold futures down 1.1% on global cues

Gold futures prices today fell by 1.13% to Rs 27,618 per 10 grams as speculators offloaded their positions, taking weak 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 October fell by Rs 316, or 1.13%, to Rs 27,618 per 10 grams in business turnover of 2,925 lots.

 

Similarly, metal prices for delivery in August declined by Rs 220, or 0.78%, to Rs 28,000 per 10 grams in 100 lots.

 

Market analysts said the fall in gold futures was mostly attributed to a weak trend overseas as US economic data backed the case for less stimulus amid strengthening dollar, reducing appeal for the precious metal as an alternative investment .

 

Globally, gold prices fell 0.6% to trade at a two-week low of $1,302.94 an ounce in Singapore.