Gold future prices fall on weak global cues

Gold future prices fell by 0.39 per cent on the Multi Commodity Exchange (MCX) today, as speculators indulged in reducing their positions amid weak global trend.     

Gold for the December contract fell by 0.39 per cent to Rs 14,892 per ten gram with an open interest of 58 lots. It had gained 0.16 per cent in previous day's trading.

Similarly, the metal for delivery in October contract declined by 0.23 per cent to Rs 14,878 per ten gram with an open interest of 6,024 lots. August contract also traded lower by the same margin at Rs 14,886 per ten gram, with an open interest of 11,807 lots.

 

Marketmen said the current fall in gold is mostly attributed to speculators indulging in reducing their holdings, in tandem with weak trend in Asian region.

Meanwhile, gold prices traded lower at $948.50 an ounce against previous closing of $952.80 in Asian region.