Gold futures decline 0.2% on weak global cues

Signs that US economy is improving hurts demand for bullion as alternative investment

Gold futures prices today fell by 0.19% to Rs 31,010 per 10 grams as speculators reduced exposures amid a weak trend overseas.

At the Multi Commodity Exchange, gold for delivery in December fell by Rs 58, or 0.19%, to Rs 31,010 per 10 grams, with a business turnover of 1,743 lots.

February gold moved down by Rs 57, or 0.18%, to Rs 31,355 per 10 grams, with a business turnover of 360 lots.

Globally, spot gold fell as much as 0.2% to $1,725 an ounce in Singapore.

Marketmen said a weak trend in global markets ahead of policy-setting Federal Open Market committee meeting today amid signs that the US economy is improving, reduced demand for bullion as an alternative investment, keeping pressure on gold futures here.