Gold futures fall by 0.1% on global cues

Speculators engaged in trimming positions, amid a weak trend overseas

Amid a weak trend overseas, gold continued its losing streak and prices fell by another 0.13% to Rs 30,008 per 10 gram in futures market today as speculators engaged in trimming positions.

 

At the Multi Commodity Exchange, gold for delivery in October traded Rs 39, or 0.13%, to Rs 30,008 per 10 grams in business turnover of 1,427 lots.

 

Similarly, the yellow metal for delivery in December lost Rs 30, or 0.10%, to Rs 29,869 per 10 grams in 64 lots.

 

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

   

Meanwhile, gold in Singapore dropped 0.65% to 1,312.40 dollar an ounce.