Gold futures tumble on weak global cues

Gold prices tumbled by Rs 399 to Rs 23,452 per 10 grams in futures trade today, as speculators off-loaded their positions on the back of a weakening global trend.

At the Multi Commodity Exchange, gold for delivery in December declined by Rs 399, or 1.67% to Rs 23,452 per 10 grams, with an open interest of a single lot.  

Similarly, the yellow metal for delivery in June plunged by Rs 347, or 1.52% to Rs 22,473 per 10 grams, with a business turnover of nine lots.

Analysts attributed the steep fall in gold futures to a weakening trend overseas, where the metal dropped by $17.20 to $1,548.50 an ounce.