Gold futures down on global cues

Gold futures today fell by 0.16% to to Rs 31,157 per 10 grams as speculators reduced their positions, taking weak cues from overseas.

At the Multi Commodity Exchange, February gold is down Rs 51, or 0.16%, to Rs 31,157 per 10 gram in a business turnover of 1,327 lots.

The April delivery fell by Rs 48, or 0.15%, to Rs 31,568 per 10 grams in 46 lots.    

Market analysts attributed the fall in gold futures prices to a weak trend overseas where it dropped for the third straight day as the dollar's strength damped demand for alternative investments.    

Meanwhile, gold fell 0.4% to $1,689.15 an ounce in Singapore in early trade today.