Gold futures decline on weak global cues

Analysts attributed the fall to a weak trend overseas

Gold futures prices today fell by 0.40% to to Rs 30,732 per 10 gm as speculators reduced their positions, taking weak cues from the global market.

At the Multi Commodity Exchange, the February contract fell by Rs 122, or 0.40%, to Rs 30,732 per 10 gm in a business turnover of 1,569 lots.

Similarly, the contract in far-month April fell by Rs 115, or 0.37%, to Rs 31,152 per 10 gm in 58 lots.

Market analysts attributed the fall in gold futures prices to a weak trend overseas as optimism that the US economy is recovering and lawmakers will reach a budget deal dampened demand for the metal as a protection of wealth.

Globally, gold fell 0.40% to $ US 1,651.62 an ounce in Singapore.