 "Gold down 0.6% on weak global cues")
Amid a weakening global trend, gold futures plunged Rs 176 to Rs 31,228 per 10 gram on Monday as participants trimmed their bets.
In futures trade, gold for delivery in October contracts was trading Rs 176 or 0.56% lower at Rs 31,228 per 10 gram in a business turnover of 589 lots at the Multi Commodity Exchange.
On similar lines, the precious metal for delivery in December contracts fell by Rs 159 or 0.50% to Rs 31,555 per ten gram with a business turnover of 54 lots.
Meanwhile, gold prices in global market retreated as much as 0.59% to USD 1,333.20 an ounce in Singapore today.
In futures trade, gold for delivery in October contracts was trading Rs 176 or 0.56% lower at Rs 31,228 per 10 gram in a business turnover of 589 lots at the Multi Commodity Exchange.
On similar lines, the precious metal for delivery in December contracts fell by Rs 159 or 0.50% to Rs 31,555 per ten gram with a business turnover of 54 lots.
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Analysts said the fall in gold futures was mostly in tune with a weak trend overseas as the dollar strengthened on US interest rate hike hopes this year after the Federal Reserve Vice Chairman Stanley Fischer said country's economy was picking up, eroding demand for the precious metal as a haven investment.
Meanwhile, gold prices in global market retreated as much as 0.59% to USD 1,333.20 an ounce in Singapore today.
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