Gold futures down 0.47% on global cues

Gold futures prices fell by 0.47% to Rs 20,899 per 10 grams today amid a weak overseas trend, triggered by last week's devastating earthquake in Japan.

At the Multi Commodity Exchange, gold for delivery in April fell by Rs 99, or 0.47%, to Rs 20,899 per 10 grams, with a business volume of 1,706 lots.

The metal for delivery in June contract also declined by Rs 97, or 0.46%, to Rs 21,202 per 10 grams, with a business turnover of 140 lots.

At Chennai, gold traded lower by Rs 90 at Rs 20,920 per 10 grams in the opening trade today.

Analysts said a weak trend in global market as Japan's strongest quake and worsening nuclear accident spurred concern that the global economic recovery may be hurt, prompting a selloff in precious metal and other commodities.

Meanwhile, gold traded lower by one% to $1,411.85 an ounce in Asian trade today.