Gold futures fall 0.38% as global cues hurt

Gold prices fell by 0.38 per cent to Rs 31,577 per 10 grams in futures trading today as participants trimmed their positions, tracking a weak trend overseas.
At the Multi Commodity Exchange, gold for delivery in October month declined by Rs 120, or 0.38 per cent to Rs 31,577 per ten grams in business turnover of 1,443 lots.
Similarly, the yellow metal for delivery in August contracts traded lower by Rs 116, or 0.37 per cent to Rs 31,492 per ten grams in 6 lots.
Analysts said a weakening trend in the overseas markets where gold declined for a second day before the release of official US jobs data that may confirm steady employment and throw some light on the possible timing of an interest-rate increase, mainly influenced gold prices at futures trade here.

Meanwhile, gold fell 0.4 per cent to USD 1,352.48 an ounce in Singapore. The metal had gained to USD 1,367.34 on August 2, the highest intra-day level since July 11.