Gold futures decline on global cues

Sentiment turns bearish after gold dropped to a one-week low in global markets

Tracking a weak global trend, gold prices declined by Rs 44 to Rs 31,470 per 10 grams in futures trade today as speculators trimmed positions.

Sentiment turned bearish after gold dropped to a one-week low in global markets as commodities fell on speculation that the euro-zone debt crisis will continue to dampen demand for raw materials.

At the Multi Commodity Exchange, gold for delivery in March declined by Rs 44, or 0.14%, to Rs 31,470 per 10 grams, with a business turnover of 221 lots.

December gold shed Rs 42, or 0.13%, to Rs 31,125 per 10 grams, with a business turnover of 7,716 lots.

 

Marketmen attributed the fall in gold futures to a weak global trend.

Meanwhile, gold fell by 0.8% to $1,766.80 an ounce, the lowest since October 1 in Singapore.