Gold futures fall Rs 140 on weak global cues

Amid a weakening global trend, gold futures today traded lower by Rs 140 at Rs 29,160 per 10 gram as speculators trimmed their positions.
Gold for delivery in June dropped Rs 140 or 0.48 per cent to Rs 29,160 per 10 gram in a business turnover of 971 lots at the Multi Commodity Exchange.
Similarly, the metal for delivery in far-month August was trading down Rs 135, or 0.46 per cent, to Rs 29,410 per 10 gram in 276 lots.
The fall in gold futures was mostly in step with a weak trend overseas where it had a fifth straight decline, the longest slump since November, as speculation that the Federal Reserve will raise interest rates as early as next month strengthened the dollar, denting demand for the metal as an alternative asset, analysts said.

Meanwhile, gold prices tumbled USD 21.38, or 1.71 per cent, to close at USD 1226.90 an ounce in New York yesterday.