Gold declines on weak global cues, subdued demand

Gold prices fell by 1.17 per cent in futures trade today as speculators indulged in selling, influenced by a weakening global trend.

On the Multi Commodity Exchange, the gold for the most-active August-month delivery fell by 1.17 per cent to Rs 15,260 per 10 gram with trading of 27 lots.

The metal for the far-month April contract moved down by 1.13 per cent to Rs 15,251 in a business volume of 6,436 lots and June contract by 1.12 per cent to Rs 15,253 per 10 gram in trading of 940 lots.

Persistent selling by traders in tandem with a weakening global trend mainly led to the fall in gold prices, marketmen said, adding that reduced offtake in the spot market due to off-marriage and festival season were other weakening factors.

 

Meanwhile, gold prices traded lower in overseas market at $942 an ounce against the last close of $955.