Gold futures fall 1.5% on weak global cues

Gold for delivery in October contract lost 1.57%

Tracking a weak global trend, gold prices fell by Rs 417 to Rs 26,142 per ten grams in futures market today as speculators offloaded their positions.

Sluggish demand due to off-marriage season in the spot market further influenced the sentiment.

At the Multi Commodity Exchange, gold for delivery in August month fell by Rs 417, or 1.57%, to Rs 26,142 per ten grams in business turnover of 12,288 lots.

Similarly, gold for delivery in October contract lost Rs 420, or 1.57%, to Rs 26,275 per ten grams in 520 lots.

Market analysts said speculators offloaded their positions in tandem with a weak global trend mainly kept pressure on gold prices at futures trade.
 
Meanwhile, gold in London dropped 2% to 1,251.84 dollar an ounce.