Gold futures fall on global cues

Tracking a weakening global trend, gold futures fell by Rs 166 to Rs 27,613 per 10 grams today, as speculators offloaded their positions.

At the Multi Commodity Exchange, February gold fell by Rs 166, or 0.60%, to Rs 27.613 per 10 grams, with a business turnover of 5,193 lots.

The April contract lost Rs 162, or 0.58%, to Rs 27,931 per 10 grams, with a trade volume of 141 lots.

Market analysts attributed the fall in gold futures prices to speculators offloading their positions due to a weakening global trend.

Meanwhile, gold dropped 0.8% to $1,594.95 an ounce in Singapore, its lowest level since December 20.