Gold down 0.38% on weak global cues

Rising dollar pulled the precious metal down in Asian trade

Amid a weak global trend, gold prices fell by Rs 114 to Rs 29,883 per 10 grams in futures trade today as speculators reduced their positions.

Sentiment turned weak at futures trade after gold declined in overseas markets as rising dollar curbed demand for the metal, analysts said.

At the MCX, gold for delivery in August fell by Rs 114, or 0.38%, to Rs 29,883 per 10 grams, with a business turnover of 9,192 lots.

The October contract lost Rs 111, or 0.37%, to Rs 30,175 per 10 grams in 318 lots.

Meanwhile, gold fell 0.3% to $1,570.20 an ounce in London.