Gold falls on global cues, profit-booking

Gold futures prices today fell by Rs 180 to Rs 31,723 per 10 grams as speculators offloaded their positions tracking a weak global trend.

The December contract fell by Rs 180, or 0.56% to Rs 31,723 per 10 grams in a business turnover of 4,777 lots.

The February contract dipped Rs 177, or 0.55%, to Rs 32,089 per 10 grams in 2,610 lots.

Market analysts attributed the fall in gold futures prices to a weak trend overseas where it fell the most in over three weeks and profit-booking by speculators.

Meanwhile, gold retreated 1.7% to $1,714.90 an ounce in New York last night, heading for the biggest drop since November 2.