Gold futures fall 0.3% on global cues

Tracking a weak global trend, gold prices fell by 0.33%, to Rs 31,061 per ten grams in futures market today as speculators off-loaded their positions.

 

At the Multi Commodity Exchange, gold for delivery in October month fell by Rs 104, or 0.33%, to Rs 31,061 per ten grams in business turnover of 788 lots.

 

Similarly, the yellow metal for delivery in far-month December contracts lost Rs 51, or 0.16%, to Rs 30,930 per ten grams in 89 lots.

 

Market analysts said the fall in gold futures was mostly attributed to a weakening trend in the global market as investors awaited minutes from the US central bank's July policy meeting for clues on when it will begin scaling back its commodities-friendly stimulus steps.

     

They said, however, falling rupee which made imports costlier, limited the fall.

 

Meanwhile, gold in Singapore dropped 0.28% to $1,361.80 an ounce.