Gold futures fall on weak global cues
Gold prices fell by Rs 68 to Rs 20,208 per ten grams in futures trade today, as speculators reduced their positions on the back of weakening global trend.
Sentiment turned bearish as gold declined in Asia on speculation that economic recovery is strengthening, curbing demand for the precious metal as an alternative investment.
At the Multi Commodity Exchange counter, gold for delivery in April fell by Rs 68, or 0.31%, to Rs 20,208 per ten grams, with a business turnover of three lots.
Likewise, the metal for delivery in June lost Rs 54, or 0.26%, to Rs 20,434 per ten grams, with a business turnover of two lots.
Market analysts said speculators reduced their positions in tandem with a weakening trend in Asia, which led to the fall in gold prices at the futures trade.
Meanwhile, gold fell by 0.2% to $1,346.32 an ounce in Asia.