Gold futures slide Rs 265 on weak global cues

Gold fell Rs 265 to Rs 29,509 per 10 grams in futures trade today as participants reduced their positions, largely in line with a weak trend overseas.
Profit-booking at existing levels also weighed on the yellow metal.
At the Multi Commodity Exchange, gold for delivery in October was trading lower by Rs 265 or 0.89 per cent at Rs 29,509 per 10 grams in a business turnover of 1,311 lots.
The metal for delivery in far-month December lost Rs 263 or 0.88 per cent to Rs 29,673 per 10 grams in 112 lots.
Analysts said besides a weak global trend where gold fell to its lowest level in over three weeks as a stronger dollar as expectations of rate hike by the US Federal Reserve grew stronger, curbing demand for the precious metals, weighed on its prices at futures trade here.

Globally, gold was down 0.21 per cent to USD 1,297.80 an ounce in Singapore after dropping to lowest since late August at USD 1,295.65, its lowest since late August.